The average period of time one spends as a retiree is 20 years.
Twenty years is long enough for you to need additional income at some stage.
In addition, your pension savings will be bolstered by tax advantages.
Trying to control day-to-day expenditures, we often neglect to take our future incomes and expenses into account. However, average life expectancy is increasing. Therefore, the period of time we are expected to spend as retirees is increasing.
The period of time you will likely spend as a retiree is 20-25 years. This is almost as long as your occupational life. Making savings during your working years is now essential to ensure that you can maintain your lifestyle and avoid financial troubles throughout retirement.