The Four-Step Guide To A Comfortable Retirement

Investing and pensions

09 July 2007 | 0 Comments

We've tidied up a recent series on pensions that helps you to work out what income you'll need when you retire, what pension pot you'll need and how much you'll need to save each month to get there! It's all in this guide.

In this three-part guide in four parts*, I'll help you to work out what you need to save for retirement.I suggest you carry out this exercise at least once a year, to ensure you remain on track for a comfortable retirement. It may take a couple of hours to complete, but that's time well spent!1. Work out what retirement income you needIn part one, I'll show you how to work out what annual income you'll need when you retire:You Can Retire On Less Than You Think2. Adjust your income for rising pricesIn part two, you'll learn how to add on the cost of rising prices (inflation) to your target annual income...It's not as scary as it sounds!The Menace Of Inflation On Your Pension3. Work out what pension pot you needIn part three, you'll use your workings from part two to find out how large a retirement pot you should be aiming for:Work Out What Pension Pot You Need4. Work out what you need to save each monthAnd finally, part four shows you how to work out what you need to save each month in order to get your target retirement pot:How To Retire In LuxuryReady? Great! Go to part one. If you need help at any stage of this exercise, ask the wise Fools on our Pensions - Practical Problems discussion board.*It'll all become clear by the end.

Comments

Be the first to comment

Do you want to comment on this article? You need to be signed in for this feature

Copyright © lovemoney.com All rights reserved.

 

loveMONEY.com Financial Services Limited is authorised and regulated by the Financial Conduct Authority (FCA) with Firm Reference Number (FRN): 479153.

loveMONEY.com is a company registered in England & Wales (Company Number: 7406028) with its registered address at First Floor Ridgeland House, 15 Carfax, Horsham, West Sussex, RH12 1DY, United Kingdom. loveMONEY.com Limited operates under the trading name of loveMONEY.com Financial Services Limited. We operate as a credit broker for consumer credit and do not lend directly. Our company maintains relationships with various affiliates and lenders, which we may promote within our editorial content in emails and on featured partner pages through affiliate links. Please note, that we may receive commission payments from some of the product and service providers featured on our website. In line with Consumer Duty regulations, we assess our partners to ensure they offer fair value, are transparent, and cater to the needs of all customers, including vulnerable groups. We continuously review our practices to ensure compliance with these standards. While we make every effort to ensure the accuracy and currency of our editorial content, users should independently verify information with their chosen product or service provider. This can be done by reviewing the product landing page information and the terms and conditions associated with the product. If you are uncertain whether a product is suitable, we strongly recommend seeking advice from a regulated independent financial advisor before applying for the products.