With the State Pension age continuing to rise, building a retirement savings portfolio is likely to become increasingly important for many people.
Assets such as buy-to-let property, cash, bonds and gold may seem appealing after the recent stock market crash. However, investing money in UK shares while they’re trading at cheap prices could be a better idea.
Through building a diverse portfolio of stocks, you could enjoy a robust passive income in older age that offers financial freedom.
State Pension challenges
As well as a rising State Pension age, the amount paid to retirees is relatively disappointing. At present, it amounts to around £9,110 per year. That’s around a third of the average salary in the UK. As such, it’s unlikely to provide most people with enough money to pay all necessary bills and expenditures each month.
Furthermore, there’s a real threat the rate at which pension payments rise could