Session 3: wealth: where you’d like to end up
1 Your retirement plans
In this session we look at planning for retirement.
Watch the video where Emma Byron of Legal & General introduces the session.
Whilst retiring may seem a long time away, knowing how much you’ll need to save to fund your lifestyle will help you know whether you’re on track. According to the Retirement Living Standards, a single person will need an income of £23,300 if they want to live a ‘moderate’ lifestyle in retirement. The full state pension is currently £10,600 a year, so spending some time now looking at how much money you need and how you could fund the lifestyle you want in retirement could be time well spent.
If you’d like more inspiration and resources you can find them via the link below. Securing your financial future also provides reassurance to enjoy your life now.
Here are some key questions to get you started on this session:
- When are you planning to retire – and would you like to do this in stages by moving to part-time work first?
- How many dependents will you have at that stage? Will your retirement household just comprise you or you and your partner or will there be others at home with you?
- Where will you live? Do you anticipate a move to a different area or downsizing?
- Do you hope to save enough into your pension pot to fund your retirement or will you look to help supplement this through other money?
You’re going to home in on what sort of lifestyle you’d like in retirement and how far your current pension plans will provide for this in a moment but first let’s check you’re familiar with some key pension details.