How much money do I need in retirement?
Everyone would like to feel confident that when they retire they’re set financially for the rest of their life and can sit back and relax. However, even if you’ve been diligent about saving your whole life, the best laid plans can change.
No one can predict how long they will need their retirement income to last and, unfortunately, when you retire your bills won’t disappear. Utility and food expenses will still be there, car payments or transport costs, and insurance. In some instances for retirees, there could even be an existing mortgage or debt to deal with on a monthly basis too.
The number and cost of these outgoings isn’t always fixed and could rise from year to year. On top of this, many will find themselves with care costs for themselves.