Are you on track for a comfy retirement and do you really need a £600k pot?
Sep 01, 2023, 02:57 PM
Inflation has been ravaging our finances, but it is also threatening our future.
According to new research, if you want a comfortable retirement, you need to build a pot of nearly £600,000.
The rising cost of living requires an extra £4,200 a year to maintain the same lifestyle as in spring last year - which means you have to save another £69,000 in all.
This week, Tanya Jefferies, Georgie Frost, Lee Boyce and Helen Crane delve into pensions, as separate research shows more than half of people saving into one believe they will never put away enough to stop working when they get older.
What can you do? Tanya reveals how to invest your pension and live off it in retirement.
One thing that isn’t going to help your retirement funds is forking out to help your kids get on the property ladder.
But that is exactly what is happening at the moment and in huge numbers.
Financial aid is expected to support almost half of all homes purchased by buyers under the age of 55 this year - totaling £8.1billion. Is tapping into the Bank of Mum and Dad fair?
People who spent big sums on state pension top-ups are angry their cash has gone missing and they can't get answers out of HMRC or the Department for Work and Pensions – Tanya gives an important update.
Lee runs the rule over the new 6.2 per cent one-year fixed-rate from National Savings and Investments, alongside four savings trends gleaned from a new Bank of England report.
Helen reveals the four pressures landlords are facing as more of them opt to sell up.
And lastly, are you suffering from dogflation, catflation or any kind of petflation? And how can you bite back?
According to new research, if you want a comfortable retirement, you need to build a pot of nearly £600,000.
The rising cost of living requires an extra £4,200 a year to maintain the same lifestyle as in spring last year - which means you have to save another £69,000 in all.
This week, Tanya Jefferies, Georgie Frost, Lee Boyce and Helen Crane delve into pensions, as separate research shows more than half of people saving into one believe they will never put away enough to stop working when they get older.
What can you do? Tanya reveals how to invest your pension and live off it in retirement.
One thing that isn’t going to help your retirement funds is forking out to help your kids get on the property ladder.
But that is exactly what is happening at the moment and in huge numbers.
Financial aid is expected to support almost half of all homes purchased by buyers under the age of 55 this year - totaling £8.1billion. Is tapping into the Bank of Mum and Dad fair?
People who spent big sums on state pension top-ups are angry their cash has gone missing and they can't get answers out of HMRC or the Department for Work and Pensions – Tanya gives an important update.
Lee runs the rule over the new 6.2 per cent one-year fixed-rate from National Savings and Investments, alongside four savings trends gleaned from a new Bank of England report.
Helen reveals the four pressures landlords are facing as more of them opt to sell up.
And lastly, are you suffering from dogflation, catflation or any kind of petflation? And how can you bite back?