Latest News and Events

Reviewing Pension Choices

How much income will you need for a comfortable retirement? Whilst
accepting that everyone’s expectations and requirements are
different, it is a question which sits at the heart of retirement
planning.

In order to help with choices, the Pensions and Lifetime Savings
Association regularly publish a guide to retirement living costs
based on an ‘average’ of our needs in retirement. The latest guide reveals that as a minimum a single person will need an income
of £12,800 per year whilst a couple are looking at £19,900. If you
are looking at a comfortable retirement with, for example, regular
outings and three weeks holiday in Europe each year the figures rise
to £37,300 and £54,500.

Thanks to the reinstatement of the triple lock the standard state pension is
due to rise to £10,600 per year from April 2023. That might go some
way towards covering basic retirement needs but it also illustrates
why lifetime retirement planning which regularly reviews savings and
expectations is so important.

If you are looking for advice on pensions, or if your situation has
changed and you may therefore need to review your existing pensions
or investments, contact Beckworth by using one of the links on our
website.

Photo by Monica Silvestre: https://www.pexels.com/photo/m...