http://business.timesonline.co.uk/ar...838030,00.html
Justin Modray at Bestinvest, an independent adviser said: “From our experience, we find that the minimum annual income people require for a modest retirement is about £20,000 a year.”
The good news is that if you would be happy to live off this sum you can manage with savings well below £1m. A 30-year-old wanting to stop work and live off £20,000 a year would need £461,000.
However, if you start squirrelling money away from the age of 20, you would need to save £35,000 a year to build up enough savings, according to Bestinvest.
If you are happy to keep working until 40, the amount you need to save falls to £414,000, which would mean putting away £11,250. And if you can carry on working until you are 50 you would need savings of only £348,000, or £4,400 a year.
Very interesting table on Page 2 too
So there it is folks, the goal posts
Milan.
Justin Modray at Bestinvest, an independent adviser said: “From our experience, we find that the minimum annual income people require for a modest retirement is about £20,000 a year.”
The good news is that if you would be happy to live off this sum you can manage with savings well below £1m. A 30-year-old wanting to stop work and live off £20,000 a year would need £461,000.
However, if you start squirrelling money away from the age of 20, you would need to save £35,000 a year to build up enough savings, according to Bestinvest.
If you are happy to keep working until 40, the amount you need to save falls to £414,000, which would mean putting away £11,250. And if you can carry on working until you are 50 you would need savings of only £348,000, or £4,400 a year.
Very interesting table on Page 2 too
So there it is folks, the goal posts
Milan.
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