HOW much you need to save to RETIRE COMFORTABLY - Episode 3 Pension Income Planning

In this third episode of a pension income planning series we look at how much money you need to save into your pension to generate enough income on top of your state pension for a moderate standard of living.
We use a pension income simulator which provides an indication of whether your drawdown approach is likely to be sustainable or whether you will run out of money - watch and all is revealed.

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Keywords:
Bouncing Back, retirement planning, pension drawdown uk, pension drawdown calculator, how much do i need to retire, retire with 300k, how much you need to save to retire comfortably, how much money do i need for a comfortable retirement, how much is enough to retire comfortably, how much do i need to save for retirement, how much do i need to save for a comfortable retirement, how do i know when i have enough money to retire, how much income can you generate from a £300k pension
#retirementplanning #pensionplanning #pensions

DISCLAIMER: This is NOT financial advice, it is financial education. Be sure to seek a professional financial advisor for advice tailored to your needs.

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[Casey-summer]

Many folks struggling to cover basic expenses often face this challenge because they didn't save enough during their working years. The choices made in preparing for retirement have significant impacts, as seen in my own family. Different investment strategies led to different outcomes. With guidance from a financial advisor, I'm now enjoying my retirement.

[GudrunScharrer]

I just sold a property in Portland and I'm thinking to put the cash in stocks, I know everyone is saying its ripe enough, but Is this a good time to buy stocks? How long until a full recovery? How are other people in the same market raking in over $450k gains with months, I'm really just confused at this

[christopher]

Iam a pensioner had a letter this week to say I got too start paying tax on a small pension pot thanks too this government not raising the tax threshold, what a joke they our .

[demos]

My standards of living:
Minimum I can have the heating on in the evening.
Moderate My house is warm when i want it to be.
Comfortable Greetings from sunny Barbados!

[davymc]

I retired at 55 due to health issues, with a 134k pot and 2 rentals. Took 25% to buy the 2nd rental. I take 12k drawdown and receive @13k gross rent. As my main income as defined by HMRC is the drawdown i only pay tax on the rental profit in arrears. Even with the new rules on rental income Im comfortable with income equating to a taxed salary from a 30k salary...not much less than I earned. My Royal London pot has had 19.5% growth since Aug 2020 so despite taking 41k so far its still at 116k...a bumper year maybe and some of that is from the covid nosedive but its never been as low as 5% in recent years. Forecast is I will have 30k left when state pension kicks in. I also pay into a Pru Isa which will have a similar amount at age 67...unless we spend it. Wife loves work for the NHS and doesnt want to retire, earns 35k with shifts and overtime. She has a similar drawdown pot and Isa and a BTL of 7k a year and an NHS pension when she calls time. Wel be best to get it all spent before we need care and govt takes it. Anyone who can afford it - retire and enjoy it. Like she says you cant take it with you

[MrGman]

What a difference a year makes. Now we have 10% inflation and it will be a while before that falls, really you need to add something in for inflation.

[Michael-]

I'm 60, no pension and can hardly pay the bills. Yet I see people smoking, drinking and milling around town who don't work and still have money for tatts and French bulldogs. Where am I going wrong?

[SimonApperley]

My understanding from other pension experts on Twitter is the PLSA retirement income standards are income levels after tax. What this video shows in income before tax is deducted. So unless I have missed a step, the income from the drawdown calculator needs to be reduced by basic rate tax

[Charonupthekuiper]

Any defined benefit pensions you have are like gold, no matter how modest.

[markwilliams]

I have an investment portfolio in investment ISA's combined with a final salary pension which I am already drawing on. My investment manager believes 5% is a reasonable figure to draw down from the ISA's which I thought was frugal until I watched this. I would like to run the investment pot down to zero but given nobody knows when they will die, it's not likely to happen.

[lessharkboy]

Missed out 200k, was looking forward to that one.

[alexwade]

The predicted income needs seem to assume that you own a property. How much income would you need if you were renting?

[hamsterecology]

The new standard of living calculations have increased by around 40% since this video came out 2 years ago 😳

[PDCRed]

Does anyone even consider an annuity these days? Carefully managed drawdown has to be the better option for almost everyone.

[onetone]

If 325000 is the pot then divide by 20 (years) is 16250 per year + 9600 state pension = 25850

[StupidIsTheNorm]

If you considered property investing you’d need only £60k. I know, because I did it.

I get the ‘Financial Advisor’ schtick. It’s what they sell. It’s inside the box. It’s a scheme for people who want to work 50 years and retire on half pay. I just think we deserve more

[mauroaurelio]

Hi Helen, what has happened- are you not making any more videos? I did learn some things ffrom them. Whatever, thanks for what you did do far.

[pielight]

What I’m finding very odd, is that (unless I’m missing something, it is not clear whether the quoted incomes are pre and post tax. Obviously, this is a key element in determining where your projected income sits within the three levels and therefore should be immediately evident.

[Hide_and_silk]

I'm just amazed at how much is considered a 'normal' spend even on the lower budgets? Do people really chuck so much money away?? £10 a week on taxis for example? I haven't spent that much on taxis in a year!

[dave]

I am lucky to have a good final salary pension but still have a pot of £200 K to manage as well