By Simon Mayoh, Financial Planning Consultant, Armstrong Watson LLP IT might seem a long way off but the later you leave it the less chance you have of achieving the retirement you want. The Retirement Living Standards, based on independent research by Loughborough University, have been developed to help us to picture what kind of lifestyle we could have in retirement. It shows what retirement could look like at three different levels – minimum, moderate and comfortable - and what goods and services would cost for each level. This can be found at retirementlivingstandards.org.uk. The research is eye-opening. A single person will need about £10,200 a year to achieve the minimum living standard, £20,200 a year for moderate, and £33,000 a year for comfortable lifestyle. For couples, it is £15,700, £29,100 and £47,500 respectively.
BUSINESS COLUMN: Getting ready for retirement
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BUSINESS COLUMN: Getting ready for retirement
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Will you have enough money to live on when you retire?
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It might seem a long way off but the later you leave it the less chance you have of achieving the retirement you want. The Retirement Living Standards, based on independent research by Loughborough University, have been developed to help us to picture what kind of lifestyle we could have in retirement. It shows what retirement could look like at three different levels – Minimum, Moderate and Comfortable - and what goods and services would cost for each level. This can be found at www.retirementlivingstandards.org.uk. The research is eye-opening! A single person will need about £10,200 a year to achieve the minimum living standard, £20,200 a year for moderate, and £33,000 a year for comfortable lifestyle. For couples, it is £15,700, £29,100 and £47,500 respectively.