Could this year’s New Year's resolution boost your retirement income?

“If one of your New Year resolutions was to drink less alcohol, there is another potential benefit apart from improving your help” says leading financial planner, Andy McLaughlin from Astute Wealth Management of Longridge.

Reducing your alcohol intake by just one pint of beer or a single glass of wine a week could boost your retirement savings by up to £20,000 if you saved that money into your pension instead, according to the actuarial company JLT.

In retirement, this small sacrifice could mean an extra £1,000 income for life. The figures are based on a 20 year old who plans to retire at 68, and shows that even a very small amount saved into a pension is worthwhile.