The Four-Step Guide To A Comfortable Retirement
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.