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

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.