How much should I save for retirement when I don’t know how long I’m going to live?
Fernleigh Wearden & Co’s Simple Answer:
As much as you can.
The Longer Answer:
To be able to give you an idea of how much money you might need in retirement, we need to understand;
The average life expectancy of somebody in your current health situation and position.
The amount of income you will need/want to live off.
A breakdown of your income and expenditure now to understand what income you should aim to have in retirement.
How much will the cost of living go up by every year. For example, if a loaf of bread is £1 today, how much will a loaf of bread cost in 10/15/20 years time? This is generally known as inflation.
Your state pension provisions.
Any potential inheritance gifts.
The potential returns on your current pensions/investments/savings.
There are many other softer facts that a qualified independent financial adviser should ask you. Our job is to push you on how much you will spend in retirement. Will you buy a new car, or go abroad more, spend more?
We will generally tell you that you should be aiming to live off an income of two-thirds of your current income and to do that you do need to save.
Fernleigh Wearden & Co independent financial advisers will help you plan for #retirement and help you understand if you have sufficient #pension savings to be able to enjoy your planned retirement income levels.
We will recommend #investments and/or #pensions to help you reach your retirement goals. Our firm motto is to help our clients to live life by planning well.
Contact us;
By Phone to 01772 864314
By email to fernleigh.wearden@gmail.com
On Facebook @fernleighwearden
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