Archive for June, 2017

How much do you need to save to retire in either comfort or luxury?

Posted on: June 9th, 2017 by nwp_admin No Comments

New Which? research reveals that people aged 20 need to be putting away at least £131 a month to have a comfortable retirement, while those waiting until their 50th birthday to start a pension need to save £633 a month.

Retired couples need £18,000 a year to cover household essentials – such as food, utilities, transport and housing costs – rising to £26,000 allowing for extra treats, such as a short-haul holidays and some leisure activities.

A luxurious retirement, filled with new cars and exotic holidays, requires an annual income of £39,000. The results come from a survey of more than 1,500 retired couples, who shared their spending behaviour with Which?