What to do in your 40s to retire a millionaire

It's possible!

Once you hit your forties you should already have your retirement savings well under way.

But what happens if you don't? Can you make up for lost time?

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Here are some tips on what you can do to make sure you can live comfortably in retirement.

It's important to make sure you're maximising your earnings. If you think you're not being paid enough for the amount of work you're doing, ask for a raise.

Alternatively you could consider taking on some freelance work as a sideline to support your income.

You should also have a good idea of what your retirement goals are.

Knowing where you want to be in the future will give you a much better idea of what you need to be doing now to achieve this.

The general rule is that to maintain your current lifestyle in retirement, you'll need to have saved at least 10 times your current salary by the time you hit 67.

To find out how you can make the most of your earnings and guarantee yourself a successful retirement you can visit an online pensions calculator like this one from Age Partnership.

Annuity RateTax-Free CashCalculate Income
6.3%1
Calculate
6.2%1
Calculate
6.2%1
Calculate
5.3%1
Calculate
5.0%1
Calculate
5.0%1
Calculate

See More¹Selected annuity rates shown for a 60 year old male smoker, £60,000 after tax-free cash, single-life annuity, paid monthly in arrears with no escalation or guarantee. Rates quoted 28/07/2017. Rates can change daily and do not account for tax and personal circumstances, which may change in the future. To determine your individual rate please ask for a personalised illustration.


How we spend our pensions

How we spend our pensions