![]() ![]() What are your retirement lifestyle goals? It’s their job to make your assets work hard for you. But, ideally, speak to a retirement specialist. This could also include any tax breaks that might be available to you that could save you thousands in the long term. This could include money from downsizing, investments & savings, income from earnings, inheritance etc. But it’s really important to look at all other possible assets and income you may have available. If a 300K pension pot is your sole source of retirement income, then how you plan to use it will be wildly different to someone who, for example, is simply using their £300K as a ‘top up’ to their Fun Fund. If you are not sure how much you need in retirement, we’ve created the world’s easiest retirement calculator to help you work out how much you’ll need. ![]() But this is based on a lot of assumptions. This includes such things as European travel/holidays, buying new clothes and recreation/leisure. Which? estimates that a comfortable retirement for a single person costs around £20,000 per year. In short, your retirement outgoings aren’t static. Then rise again later (due to costs such as increased insurance, medical and medical care costs). You generally need more money when you retire younger and are more active (mortgages, dependent kids, hobbies and sports, etc.) Costs then reduce (mortgage free 60’s. Have you sat down and calculated the cost of your retirement and the lifestyle you want to maintain? What are your financial commitments and outgoings? Now, and in the future?
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