Are you on track for the retirement you want?
Retiring with the lifestyle you want is possible if you plan.
Research completed by Which shows that couples need to have an average income of £18,000 to cover the essentials; this increases to £28,000 for a more comfortable income and £45,000 when considering additional holidays and luxuries.
The income needed for a single person would be around £12,000, £19,000, and £31,000 for the same lifestyle.
Everyone’s ‘number’ will differ depending on their retirement goals – ranging anywhere between having enough money just for essential needs or enjoying leisure activities and luxuries such as regular travel and car upgrades!
Which’s research calculates that to produce the average ‘comfortable’ income of £28,000 couples need to have an average of £145,000 saved in a pension pot, on top of the State Pension. This assumes that the funds continue to grow by 3% per annum and the funds are taking using a drawdown arrangement.
It’s never too early – or late – to start reviewing your retirement plans. By understanding how much income you will need in retirement and what assets you plan to use to fund this, you can retire with confidence knowing that you have a solid plan in place.
Important information - the value of investments and the income from them, can go down as well as up, so you may get back less than you invest.