Money needed to retire

£10k is no good unless you own your home and don't renovate it, don't own a car or go on holiday.

I would say £15,000 for a single person and £22,000 for couple for basic living. (thats some who owns their own home outright).

Its recommended about 66% of your working salary so someone on £30k its £20k.

The state will give you about £9k if you have no income.
 
So you don't need very much but think the figures stated are way below what you need?

I'm in a much better position than most, paid into a company pension for a long time, have a final salary pension, no mortgage etc but looking at my pension predictions at state retirement age they are still well below the "comfortable" level.

I don't want to work until 67 - dad died at 65 ,3 months into his retirement and brother died at 53 so was hoping to take early retirement at some point.

Thanks for all the replies, interesting read
My dad died when he was 56, only 2 years older than I am now. It's a sobering thought and one I generally keep to myself without talking about it to the family.

What's that saying?

"There's no glory in being the richest man in the graveyard"
 
Surely this article can't be right on the figures? Keep checking my pension and this makes depressing reading.

How do people on here who have already retired manage?

Presumably that assumes you have no loans or mortgages once you retire and no travel costs to work. No kids to fund either.
 
My dad died when he was 56, only 2 years older than I am now. It's a sobering thought and one I generally keep to myself without talking about it to the family.

What's that saying?

"There's no glory in being the richest man in the graveyard"
That’s very true. But it could also be said that there’s no regret in it either.
 
This private pension (money purchase) calculator is a decent one from Which. It asks you to imput how much your pension pot you estimate you will have on retirement and how much you want to drawdown and it will roughly calculate when or if your pension savings will run out. It obviously assumes a certain rate of growth in your pot and you have to indicate what risk you are taking.

 
The other thing is - If you have a cash pot and your invest it wisely, it should be replenishing itself as the years go by. Plenty of management companies out there that are very good (make sure they are regulated)
 
There’s no reason that the ones on an average wage and above won’t have the chance. Whether or not they take it is up to them.
I'm certainly not a money whiz, but youngsters are struggling to get onto the property ladder.
I'm a middle-aged fella who has been fortunate enough to pay off the small mortgage I had on my flat I bought 20yrs ago. I don't have a significant private pension, but I am lucky enough that I live mortgage/ rent-free. This will ease my money concerns in retirement (if I make it!)

How many of today's youngsters will be in my privileged position? They can't get a mortgage, let alone pay one off. How does one accrue a nice private pension pot when you are on minimum wage or zero hours contracts?

Today's kids (for the most part) are screwed, in my opinion.
 
There is a way of raising funds - not to everyone’s liking. equity release. You can generate 10’s of thousands of pounds to enjoy your later years. If you have a family and want to leave money not really for you. And I believe it costs you a lot - somewhere in the region of 5% on what effectively becomes a lifetime mortgage that you don’t have to contribute to until both parties pop their clogs!
 
There’s no reason that the ones on an average wage and above won’t have the chance. Whether or not they take it is up to them.

There is if they wish to own their own home.

The gap between average property prices and wages has been growing year on year, and so for many young people owning their own home is unrealistic, even on a average wage, unless they can get a hand from Mum and Dad or live rent free at home until they've saved a deposit.
 
"How much is enough" The eternal question.
And of course how fit will you be to enjoy it.
Is £18674.40 enough for a couple which I think is 2x state pensions?
Surely most of us have property to sell and downsize as well?
Brought up to always have something back for a rainy day.... what to hold back.
Then again they'll have it off you to pay for your care anyway and sell the house from around your feet?
Maybe it's better to enjoy blowing the lot and let the State pick up the tab?
Or maybe you wanna leave something for the kids?
Lots to think about rather than just "Basic" "Moderate" and "Comfortable"
 
defined benefit schemes
I was on one, till another company buy out and this one gave us 2 options, lose it or lose it. They gave us a 2k "sweetener, lost me about 150-200k in my final pot. I was hoping to retire at 55 but that scuppered that idea. Glad I did have 19 years into it which is frozen. It is what it is, cannot change it so have to move forward. The kicker was the new scheme I had to go on, only matched 6% salary, where as before it was 10%.. so I plough as much as I can into it now. I do know people my age (50) with zero pension, now that would scare me witless..
 
I only started paying into a private pension 10 years ago at the age of 33. I do pretty well salary wise, so I put in 6% and the company match it. Even so, when I retire at the age of 67 (in 24 years time), it reckons I can generate an income of around 10K per year. With my state pension, that gives me 19K a year. By the time I retire the mortgage will be paid off, and our daughter will be in her early 20's. I would hope at that point we can downsize and leave some money for little one to put towards her own place. Wife and I are not frivolous with money, but nor are we spendthrifts, we do what we need to, to live nicely. Have to admit, for the first time in my life, I was having thoughts last night of moving to Europe for a better life.
 
I was on one, till another company buy out and this one gave us 2 options, lose it or lose it. They gave us a 2k "sweetener, lost me about 150-200k in my final pot. I was hoping to retire at 55 but that scuppered that idea. Glad I did have 19 years into it which is frozen. It is what it is, cannot change it so have to move forward. The kicker was the new scheme I had to go on, only matched 6% salary, where as before it was 10%.. so I plough as much as I can into it now. I do know people my age (50) with zero pension, now that would scare me witless..
What a great attitude you have after they done that to your pension
 
I wonder what are the chances of the state pension not existing in 15/20/25 years or it being reduced significantly.
 
There is if they wish to own their own home.

The gap between average property prices and wages has been growing year on year, and so for many young people owning their own home is unrealistic, even on a average wage, unless they can get a hand from Mum and Dad or live rent free at home until they've saved a deposit.
I agree that those on very low income would struggle, but there’s plenty who could afford to save up a decent deposit while still living it home for a few years in early adulthood. There’s plenty who could and don’t. Don’t get me wrong, I was there for a time. When I look back at my disposable income as an apprentice after I’d paid my board, and where it went for a few years (🍺), it’s pretty obvious I could have gotten on the housing ladder a little earlier. I wish I had that much I could afford to put over a bar now!
 
I agree that those on very low income would struggle, but there’s plenty who could afford to save up a decent deposit while still living it home for a few years in early adulthood. There’s plenty who could and don’t. Don’t get me wrong, I was there for a time. When I look back at my disposable income as an apprentice after I’d paid my board, and where it went for a few years (🍺), it’s pretty obvious I could have gotten on the housing ladder a little earlier. I wish I had that much I could afford to put over a bar now!

But many jobs, especially those on a higher income, mean you need to move to a city and so living at home isnt an option. Paying 40-50% of your salary to pay a landlords salary means saving a deposit isn't an option.
 
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