The average retirement income according to standard retirement planning assumptions, could possibly be calculated on about 75-80% of your working salary. This should be sufficient to see you through a comfortable retirement as you would be downscaling expenses and costs during retirement. Although this is the average, each person’s financial needs will depend on their desired lifestyle. Some will need a higher income if they choose to lead a lavish retirement.
Decreasing costs could include lower transport costs as you won’t be commuting into work every day, downscaling to only one vehicle, lower car insurance premiums with pensioner discounts and life insurance.
But no matter what your desired income would be, there are certain expenses that are going to increase when you retire.
Retirement is meant to be a relaxing time free of financial worries. Unfortunately the cost of living does not disappear.
Make sure to include unforeseen expenses into your retirement budget. Your financial adviser can help map a complete retirement budget for you. [email protected]
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Please note, the above is for education purposes only and does not constitute advice. You should always contact your deVere adviser for a personal consultation.
* No liability can be accepted for any actions taken or refrained from being taken, as a result of reading the above.
Plan your retirement according to the lifestyle you want
Everyone’s idea of retirement is different. Some want a simple relaxing life, others want to enjoy life and travel the world, and yet others want to take part in expensive hobbies and enjoy the luxuries of life like upgrading their homes.
posted on 06.10.2021
Plan your retirement according to the lifestyle you want
Everyone’s idea of retirement is different. Some want a simple relaxing life, others want to enjoy life and travel the world, and yet others want to take part in expensive hobbies and enjoy the luxuries of life like upgrading their homes.
posted on 06.10.2021
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