Not yet registered? Create a OverBlog!

Create my blog
Home » Business » Content on demand » HR & enterprise »

How much do I need to retire at 60 years old in the U.K.?

How much do I need to retire at 60 years old in the U.K.?

Preetika Reddy Preetika Reddy

People who live in the U.K. will most likely be planning their retirement to commence when they are in their sixties. However, this is not something which can be done without planning. Those who are asking themselves the question "when can I retire?" should be thinking about retirement income planning.

How much people need to retire at 60 years old in the U.K

The amount of money a person needs in their retirement fund will differ from individual to individual. How much money is needed to survive? The first thing that a person will need to do is decide how much money they will need to survive. This figure will include the cost of debt repayments, mortgage payments or rent and the cost of living. How much money is needed to live comfortably? Once this number has been determined ,the individual should calculate how much they will need to live comfortably. Again, this figure will vary depending on the way a person chooses to live. For example, someone who goes out a lot and travels on a regular basis will need more money than a homebody who prefers a quieter lifestyle. At the very minimum, a retiree with no debt will need to have at least a thousand pounds per month to live comfortably. This figure will vary depending on the financial commitments of the retiree and what area they live in. Those who live in London will need more money than those who live in other cities.
How much money the retiring person already has Once the person who is contemplating retirement is aware of the amount of money they need to pay their bills when they retire, they will need to think about how they will get this money. Some sources of income retired people rely on are state pensions, personal and company retirement funds, investments and inheritances.

Start saving for retirement now

Those who have not yet reached their retirement age should set up a retirement plan or start saving straight away. Retirement is very expensive and people who do not budget for it will find that their life will become very difficult if they do not have sufficient funds to maintain their lifestyle. Those who do not have a retirement fund and have to rely on state pensions will find they will have to learn to live on a very tight budget.

Same category articles HR & enterprise

All about: Payroll management

All about: payroll management

Payroll management involves administrating employees’ compensation effectually by the employer. the method comprises of computations of earnings and tax deductions of the employees, and managing their retirement incentives and distributing payments. to administrate the payments of employees is a demanding undertaking. the accounts department and the hr management team work alongside each other to release salaries to the employees.
More from category » HR & enterprise
How to choose PR companies

How to choose pr companies

Choosing a public relations company means that you will have to invest much consideration in your marketing and communications requirements. public relations companies are plentiful, but, as with most services, each company offers something unique. the decision on which one to hire is seldom an easy one, and will depend almost entirely on your specific needs.
More from category » HR & enterprise
A review of Office Cleaning Services UK

A review of office cleaning services uk

Either you have a small office or a large business, you probably already know that your business image is a very important element. how does your office location looks and how clean it is may seem as a minor detail, but is in fact a crucial factor for your business’s success. read the following article and find out all the interesting facts that you should know about the office cleaning services company.
More from category » HR & enterprise
What is a sample secretary job description?

What is a sample secretary job description?

Secretaries provide essential business support to professionals such as managers, medical consultants or solicitors, and specific duties can vary considerably depending upon the role and the organisation. however, the main duties which are required of a secretary are the same throughout all organisations, and this article will provide an outline of a general secretary's job description.
More from category » HR & enterprise