How, much do you need for a comfortable retirement?

Question

Hello,

People just wanna know how much you think is needed!!

Thank-you,
For all your help!!

Answer 1

Approximately £600,000 - £30,000 per annum to maintain your modest lifestyle x 20 years until you are 85 = £600,000. This is apparently the rule of thumb for pensions

Answer 2

A lot more than you'd expect. I got a letter through giving me my state pension forecast for when I retire. £136 per week
Never be able to live off that, not with bills and probably grandkids to worry about.
Fortunatly it's a good 40-45 years until I retire so I'll keep building up my company pension
It's hard to predict how much you'll need to be comfortable with inflation and an ever changing economy.
Just keep saving the pennies, or try long term investments and make your money work for you

Answer 3

Hi,, I have been studing this for the last couple of years....

You need to have,, get this,,, about 1 million in savings or 401 k...not difficult if you are in your 20's or 30's.... but older,, yes it is..

Why so much,,,, well,, that much in savings or mutual funds only gets you around 10 % if your lucky.... actually less.. so that would be 100 grand a year to live on..... you figure ,,, expensies and the price of things now,,, then think about 30 yrs from now.. hmmm,,,,,, see !!!!!

good luck......

Answer 4

For the UK you need to be in either of 2 groups:-

1. Own nothing and living in Housing Association with only state benefits and then the state will provide everything for free

2. Own your own home, no mortgage, no debts, a private pension linked to earnings at at least the current equivalent of £16,000 pa each (or £75% of average earnings) plus probably £25,000 in the bank.

anywhere in between you fall into the money trap - not rich enough to buy it yourself but not poor enough to qualify for it for free.

Answer 5

Well a £1,000,000 in the building society at a good rate at this moment in time after tax had been deducted at 20% would give you £37.000 per year.

£1,000,000 in an annuity with a cost of living increase each year based on RPI index would give you about £33,000 per year after tax.

Your best bet is to take any job in the public sector with an inflation proofed pension. These cannot be beaten .

Answer 6

Depends on alot of things. Where you'll retire, what you are used to living on each year, what you're willing to live on each year. I can live comfortably on about $30,000 a year. I live in the black hole of Indiana though. We don't need alot of money here. If you're thinking of Southern California, you're looking at about $50,000 yr probably.. I just don't want to be one of those 80 yr old ladies that asks if you want fries with that!

Answer 7

Depends on when you are retiring. lets face it whatever you earn now will be worth less in say 35 years time. So how much is really a case of as much as you can get.

Answer 8

You need to end up with a fund of 20 times what you need as an annual income.

Answer 9

Depens on you the lifestyle you want. If you are lifeless then maybe 30gs if you're a party animal probably 10 times that, I should be near enough a millionaire by then so it wont matter,

Answer 10

A good rule of thumb is 75-80% of whatever your annual income is when you retire.