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

The core principles of dealing with people

The core principles of dealing with people

The hr department is a tricky section for man, keeping in mind that one has to deal with different people with different characters. for the full potential of people to be realised, there must be a way to harness the different characters into one united lot. this explains the importance of learning the core principles of dealing with people.
More from category » HR & enterprise
What are the reasons to outsource payroll?

What are the reasons to outsource payroll?

The human resource department in any business entity is an area that requires a lot of monitoring. one of the sections of the human resource department is the payroll section which ensures that employees are paid, that their taxes are submitted and that other benefits are deducted. payroll services can consume a lot of money if done in-house, hence the need to outsource payroll services.
More from category » HR & enterprise
All about asset protection trusts

All about asset protection trusts

A trust is the legal term for a contract that bequeaths assets between a person (the grantor), and the receiver of the assets (the trustee). asset protection trusts are trusts that can cover any hold on payable monies in the financial world. although taxation, bankruptcy and divorce are typical reasons for these trusts, they are used for many different purposes.
More from category » HR & enterprise
How best to achieve diversity in the workplace

How best to achieve diversity in the workplace

Diversity in the workplace deals with how organizations manage cultural diversity at work. employers that allow diversity recruitment are expected to ensure that diversity management is in place. this article provides insights to workforce diversity, the benefits of diversity in the workplace and how to best achieve it.
More from category » HR & enterprise