Image source: Getty Images Covid-19 has put the brakes on travel plans for thousands of hopefuls across the UK. Gen Z has been feeling the strain in particular, with many 18-23-year-olds missing out on the opportunity to travel after education. As a result, overseas retirement has risen in popularity among this age group. In fact, research by Pensionbee suggests that 49% of Gen Z plan to use their side hustle to save for retirement.
Although side hustles can be a great way to make some extra cash, they’re not always the most practical solution. If you are too busy or simply don’t have the means to start a small business, here are three other ways to save for overseas retirement. 1. Invest your money
One of the easiest ways to grow your money without having to work a second job is to invest. Investing can grow your money through compounding interest, which accumulates over time and can lead to excellent gains. Even better, you don’t have to be a stock market pro to profit from investments. Stocks and shares ISAs
A great way to get into the world of investing is to open a stocks and shares ISA . This is a savings account through which you can invest your money into various stocks and shares. It generates interest when the prices of your investments go up.
Anyone over the age of 18 can open a stocks and shares ISA. You can deposit up to £20,000 into your ISA per year. Stocks and shares ISAs often have higher interest rates than basic savings accounts, and they are a great way to save for the future. Investment fund
Similar to stocks and shares ISAs, investment funds take your savings and make investment decisions for you. Therefore, they are ideal for investing beginners […]
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