The rising cost of your retirement lifestyle

Retirement lifestyles and behaviours continue to change post-pandemic, as a new report, The Standard of Living, shows the real cost of attaining the lifestyle you want in retirement.

The report shows three different levels; minimum, moderate and comfortable, with a range of common expenditure and standards for each level.

Take a look at the latest Standard for Living chart below. 77% of savers don’t know how much they will need in retirement. How does it compare to your aspirations for a retirement lifestyle?

Standard of Living for a couple retiring.

Roughly speaking, a couple will need around £30,000-£50,000 a year to achieve a moderate to comfortable lifestyle in retirement. Taking these standards into account, you can start to understand how much you will need to save and what targets you need to set to achieve your desired retirement. So, when the time comes, you can be confident you are entering the next stage of life the way you want to.

The choices you make now will enviably shape the lifestyle you will achieve in later life. Whether you want more flexibility to try new things or a budget to visit new destinations. It’s all about planning now to get you there and achieve some of that bucket list you are dreaming of.

When you think about your retirement, think about how you are going to achieve the things you want. Be confident that you are doing everything you can to make your money work as hard as it can for you and your families future.

Start asking questions

  • Where is your pension invested and is it working as hard as it can be?
  • Are you on track to achieve the lifestyle standard you want?
  • Do you need to set some targets?

We encourage everyone to engage with their pension at the earliest opportunity, even the smallest steps can have a significant impact on the value of your pension.

Start today, use our Wealth Calculator to see when you can retire and how much will be in your pension pot.

Don’t be overwhelmed, get advice

Gain confidence in your vision for retirement and plan ahead with an Independent Financial Adviser beside you. Innes Reid will take on the responsibility of your finances and provide reliable, strategic advice that’s personal to your goals.

Book a consultation today. It’s never too late to start your plan, but it’s all too easy to put it off.  Your consultation will be at our cost and there is no obligation to work with us afterwards. Speak to our team on 01244 347583 or email info@innesreid.co.uk

Source: The Pensions and Lifetime Savings Association / Standard Life

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