How Much Do You Need to Retire?

How much do you really need to retire? It's the number behind every pension, and most of us have never worked it out. Let's take two minutes.

First, a quick note. This is general information, not financial advice.

Meet David. He's a few years from finishing work, with a pension he's paid into for most of his life.

But ask him how much he'll need each year once the salary stops, and honestly, he's not sure.

So he saves into his pot and hopes it's enough, aiming at a target he's never put a number on.

The State Pension helps, but for most people it's a foundation, not the whole plan.

Here's what helps. Researchers price up what retirement really costs, at three levels. A minimum lifestyle, the essentials with a bit spare, is close to fourteen thousand a year.

A moderate lifestyle, with more security and a few of life's extras, is about thirty two thousand seven hundred.

And a comfortable one, with real freedom and regular treats, is around forty five thousand a year.

Those figures are for one person. Share a home as a couple, and comfortable rises to around sixty two thousand.

Suddenly the big scary question has an answer. David has a real number to aim his savings at.

And every payday, every year, small amounts add up towards it.

One thing to remember. These figures assume your home is paid off. If you'll still be renting, you'll need more.

They also leave out care costs, and they're a national guide, not a personal forecast.

Your tax, your health and your own plans all move the number up or down.

So the real question is simple. What's your number? Get in touch, and let's work it out together.