Insulation might not seem like the quickest way to save for your pension, but recent research by Insulation Express has found that the investment can financially benefit your future.
Whether your pension is fifty years away or ten, investing in quality insulation for your home could help save enough energy to boost your pension pot.
Lower your chances of post-retirement fuel poverty
If the cost of heating a home causes you to be left with an income below the poverty line the government refers to this as “fuel poverty.” With recent figures revealing that less than 10% of insulated-home owners fall into the fuel poverty gap, it’s clear that insulating your home can save you money in the long run.
The younger you start saving, the better your pension
Having to save for a pension might seem like a given but research shows that Brits aren’t saving for their pensions early enough. Recent figures suggest that the average retired household spends £21,770 a year yet of those asked, they also wanted a retirement income of £20,000.
To achieve a retirement income of £20,000 a 25-year-old would need to save £246 a month, which leaps to £826 for men when they reach 45 and £861 for women from the age of 45 if they don’t start saving earlier.
When to insulate
Of course, this in part depends on when you have bought your permanent home and how long you are likely to live there. Those who are lucky enough to have found their forever home by 30 years old and insulate all cavity walls and floor, could save as much as £11,000 by retirement age.
Even insulating a home at age 60 would save £2,081 if insulating cavity walls and floor. This could act as a handy nest egg for a post-retirement holiday.
These savings could also equate to anything from leisure activities, to running a car depending on the type of insulation you go for.
Discover what these savings could mean for you what these savings could mean for you, as well as some handy energy saving tips to get you started.