How much will you need in retirement?
5th February 2021
In retirement, your outgoings are likely to be lower. For example, most retirees will have paid off their mortgage and their children will be financially independent. A general rule of thumb is that someone under the age of 40 would need 50% of their current net salary to have a good standard of living in retirement.
An easier target to focus on might be, 2/3rds of your net final a salary.
You should also think about the state pension. Under current rules this could be worth £ 9110 per year depending on your NI record.
You can check your State Pension and when you might receive it here https://www.gov.uk/check-state-pension
