£1million Needed To Retire Comfortable
June 20th, 2006 | POSTED BY ROB
If ever you needed a kick up the backside to do something about your retirement, then maybe reading this article on Motley Fool will help.
They’re reporting on a study by equity release company Economic Lifestyle, which suggests that we’ll need a pension pot of £1million by the time we retire in order to live a comfortable life.
…a woman retiring at 65 today will need a pot of around £438,000 and a man £367,000, because of his shorter life expectancy. The average per pensioner is £402,000… Adjusting for rising prices (inflation), you’ll need more like £927,000. Of course, anyone in their twenties or thirties will need to save even more. Remember also that these figures are based on retiring at 65. If you want to retire earlier then, again, you’ll need to save more. Even now if you want to retire this year at 60 you’d require a pot of around £500,000 to be comfortable, so a 40-year-old who wants to retire at 60 will probably need well over £1m.
So somehow then, I’ve got to raise over a million quid in order to be able to enjoy my retirement. Luckily time is on my side.