77% of people do not know how much they need in retirement
according to the Pensions and Lifetime Savings Association.
It is also a question that I am asked repeatedly by new clients. And I do not know the answer. It is personal. How much do you need / want to spend?
The Pensions and Lifetime Savings Association have put together some figures to help people, to help them plan for their future.
They have used research from Loughborough University to come up with their Retirement Living Standards.
According to their research if you want a minimum standard of living you need to have £12,800 pa, £19,500 if you are a couple.
A moderate standard of living, you need £23,300 pa, £34,000 for a couple.
For a comfortable standard of living you need £37,300 pa or £54,500 for a couple.
https://www.retirementlivingstandards.org.uk/
What do you think? Is this enough for you and your lifestyle?
Often when you retire you will have paid off your mortgage and kicked out the kids so your bills should be less, but when you are no longer working you have free time to do things, which often cost money, so you could be spending the same amount or more.
