You need to be aiming for 20000 pounds after tax if you are single and more than 30000 pounds after tax for couple. Take a look at inflation in the UK just now. Many are forecasting UK inflation to be multiples more of what we have been used to. This means your retirement fund needs to be increasing at closer to 10 percent than 5 percent for foreseeable future. This means an increase in the size of your retirement fund of in excess of 20000 per year to remain comfortable. The UK state is only gonna give you around 8500 per annum at best and thats only when you are 67 or older, not if you want to retire early.
People in the UK, on average, tend to retire with thousands of pounds less than what you need to retire comfortably in UK. Many escape to warmer climates where it used to be or still is cheaper cost of living. That may bring different lifestyle sacrifices other than monetary like moving away from friends and family.
How much do I need to retire UK?
How much do YOU need to retire comfortably in the UK? A luxury retirement income UK is out of reach for most people. Retiring in luxury when you haven’t been living luxuriously is probably unrealistic unless the reason tou haven’t been living luxuriously pre-retirement is because you started saving for your retirement early in your life, earned a decent amount over your working life and invested most of your earned income in a good type of investment.
Want to run your own car, go on holiday for a couple of weeks a year every year and eat out often with the odd fashionable purchase or two, then you’ll need to push up the figures above
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Essentially having more fun, with more stuff and living in better places is going to bump up the retirement fund you need to build.
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Start saving for your retirement as soon as you enter work in teens or early 20s. Older than that? You need to save more each month. Really older! You may need to pair down your planned retirement lifestyle.
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How much will you need to retire in the UK?
How much will you need to retire in the UK
How do I retire comfortably?