Have you ever wondered – How Much Money Do I Need To Retire? Today we look at the UK Retirement Living Standards at Minimum, Moderate and Comfortable lifestyles and explore the retirement income and savings required for each lifestyle.
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MARY:
I’m married to Ken and we have two boys aged 6 and 4. I’m a Londoner, born in Hackney! 🙂
Day to day, I run the operations of The Humble Penny as a creative – doing everything from marketing to video editing. I studied Multi-media design and technology at Uni.
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I’m a husband, dad, and a First-Generation Immigrant to the UK. I started life poor in the UK and I’ve spent the last 20 years on a steep journey of Personal Development.
Former CFO with over 12 years experience in the investment business. I’m also a Chartered Accountant and hold an MBA from Cambridge University.
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0:00 – Intro
1:25 – Retirement statistics
3:41 – 3 Retirement Living Standards
5:03 – Advice for younger people
5:37 – Renting vs Owing a House at retirement
7:08 – Thanks to our sponsor
8:33 – How much do you need to retire?
8:55 – Cost of Minimum lifestyle at retirement
12:54 – Cost of Moderate lifestyle at retirement
14:58 – Cost of Comfortable lifestyle at retirement
16:52 – Pension Calculator demo for retirement savings
20:06 – Final words
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How Much Money Do I Need To Retire?
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#retirement #retirementplanning #savingforretirement…(read more)
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Which of the 3 lifestyles are you realistically aiming for at retirement? Minimum, Moderate, or Comfortable? Comment below.
Another fantastic topic. Thank you guys, why has the channel not reach 100k subscribers?
Currently on target to be mortgage free @ well I thought 50 but with the current economic climate it might shift to 55. I'm Currently 47 and have NHS pension been contributing for 15 years. So this is reassuring for me. Currently forwarding this link to all my love ones. Thanks once again
The amount for fuel is very low, now that has gone up so much. The amount suggested for rent in London is very low, and nothing much for home maintenance (if people own) and I didn’t see much relating to health expenses. It seems like a very tight budget.
Excellent video. Thanks.
I am about 4 years away from retirement and looking for a moderate lifestyle. The figures that you show has helped me to feel more relaxed about achieving this.
Thanks guys. I feel that people in the UK now are shocking our understanding money. I've got friends that as soon as they get a pay raise they go out and buy an 80k car yet don't even have a pension, backup savings or even considers making additional payments to their mortgage. I'm in my early 40s, top 5% earner and hardly anybody I know has an idea about pensions. My dilemma is whether to cram and try and pay the mortgage off in 5 years or whether to focus on building pension. So many people from my age range that worked in startups and smaller companies did not get a company pension until it was a legal requirement. Loads of self-employed people have nothing and they're 40. 25 years time and there's going to be a real crisis.
Interesting analysis!
Yeah I think it’s safe to assume anyone under 40, might not get a state pension when it comes to retirement age, which likely will be pushed up to 70, and if it exists, will likely be means tested bare bones benefit.
This means is safer to over estimate how much you’ll need in a private pension. You can never put in too much.
I agree, even living in a mortgage free studio flat in retirement will be better than renting a house…rent is an uncontrollable expense, similar to variable rate mortgages, means more risk.
One thing to mention is…when living in London, you might not need a car, and public transport is usually cheaper compared to outside London. Anyone retiring outside London will likely have the expense of a car, unless living in another big city with really good public transport.
Would be good to do a video on average retirement ages in UK. (50-70), how many retire early due to health? How to bridge the gap with S&S ISA?
Retirement with a mortgage payment should be avoided at all cost as interest rates increases can cause havoc and reck your retirement. It maybe worth using pension lump sum to clear off any outstanding mortgage. It is also advisable to use annual ISA allowance to supplement pension rather than banking on state pension that may not be guaranteed.
Thanks Ken and Mary for sharing, this content is worth its weight in gold as me must save for our retirement.