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Monday Musings – Have you figured out what to give up when you retire?
Research shows that to “enjoy” a pretty basic standard of living when you retire you would need a pension of £400,000, unless you are lucky enough to have a final salary scheme which are the gold standard of pension schemes but only available to a very small percentage of the population.
If on the other hand you would like to maintain a standard of living something like the one you are enjoying while you are working you need a pension pot of £970,000. This would give you an income of £33,000 a year including the state pension of £9,900. If you are married or in a civil partnership the pot must increase to £1.4 million between you, the cost of living does not double. This would give you £47.500
Without writing an article that is about three pages long I hope that these two brief paragraphs will encourage you to have a conversation with us at Straight Talk about your pension plans and let us help you get a good handle on your existing situation and what you can and should do to be able to not have to give up too much just because you will have more time to enjoy things.
Get in touch to arrange a completely free pension analysis. We will produce a report for you giving all of the information you should have about your existing pensions and any things that we think you should think about changing.
So, to the markets
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