How much should I be aiming to save for my retirement?
I've worked out that if I continue saving at my present rate I'll have about £250,000 in cash not including my house and other things, is that enough? should I be doing more? anything you can recommend is greatly appreciated thank you :)
Public Comments
- think of a nice high number,then times it by ten for the tax man
- I read somewhere that you should half your age and use that number as a percentage of what you should save off your weekly/monthly pay. Apparently this should see you right.
- Yeah how 'bout putting some of it in my pension fund!!lol
- seriously save a little ...and spend what you want now...because in reality no-one knows what life has in store......enjoy yourself and live for today.....not very helpful i know but i like to not think too much about my retirement and just enjoy today!
- i heard that the a good amount to save is 10 x annual salary, when your house and cars have been paid off.
- It all depends on the income and lifestyle you are living now and how much it will cost to maintain this lifestyle. I would think that 250,000 is on the very low end. Most places say that you need around a million at the minimum.
- You should invest in a Good Insurance policy, that will pay you out at 55, in lump sum and monthly income. Work out how much you can safely afford, without scrimping and scraping. Luckily, we did just that, so when l had an heart attack, and my Hubby got heart trouble at the same time....... we was able to Retire on our Private pension. Never take your insurance out for when you are 65, chances are....... you Will need it Before then. Love,Jo.xx
- God knows and I'm 47 and know I should be thinking towards mine but somehow keep putting it off !!
- Hello, (ANS) Your lucky!! your way way ahead of me, if I'm lucky my pension fund will be worth approximately £100,000 by the time a reach formal retirement age. And I still don't think its going to be enough even after everything else is paid off (i.e. no mortgage and own everything else too). **My basic understanding is YOU CAN NEVER HAVE ENOUGH in your retirement pot. **Although £245,000 in cash is a nice start. **DON'T forget this money has to a) buy you an annuity b) and the annuity you get depends upon stock markets & the rate of inflation when you come to retirement or want to draw down against it. c) depends who you buy your annuity from d) You DON'T have to buy it from the same company you invested in such as one of the big well known insurance companies. **An Annuity is supposed to provide you with a livable income from retirement to death (thats after all the fees involved too?). **I think the reality for people in the future is that a) most people wont retire as in the past but will keep on doing some part time paid work to top up a low income from their pension. b) Inflation will reduce the real return on any savings for a pension hence having to carry on working. c) most people will carry on working until illness or sickness prevents them. Kind Regards Ivan PS: Enjoy your retirement, good luck.
- Hi, There is a nice site which I use. Thanks http://good-financial-planning.info
