How to do the right retirement-planning and get a retirement-advantage for retirement-savings ?
This quick guide to retirement savings aims to introduce "How much to save for retirement in UK and around the globe" and presents several practical aspects like early retirement planning, retirement age, pension planning, etc.
How much to save for retirement is an argument, while most of us are getting interested in reaching our 30s.
Thinking of retirement saving immediately brings the following question to our mind, "How do I want to live in the "far" future?"
Travelling all over the world or having a relaxed lifestyle in a cottage somewhere in the countryside?
A new horizon is heading your way and you might actually face the question:Could you be doing more ? And the answer is Yes.
Setting yourself up for a fantastic retirement starts with having a great retirement plan. It's a good solution to set up pension savings goals with a little educated forecast in order to save money and meet your goals once retired.
What does the recent study says about retirement savings ?
A recent study found that Norway ranked number 1 out of 43 countries for retirement security. Switzerland followed at number 2, U.S. stood number 14 on the list, with positive factors of high wealth and economic stability.
Experts have also calculated that the typical workers need a pre-retirement income equivalent to about two-thirds of their final salary for retirement.
According to the Pensions Commission, some may manage with as little as 50%, while others will want 80%, but not 100% because they have paid off their mortgage, no longer have children to bring up, won't face the cost of commuting and, of course, they will have stopped contributing to a pension plan.
It has long been recommended that one million is a nice round number to have saved for retirement.
Today, the archaic notion of retirement has morphed into this. Work for 40 to 50 years. Then, have a party, get a gold watch, go to the beach, sit down on a reclining chair with an umbrella drink and get ready for an exciting 20 or so years of golf.
Obviously, we would not be able to foresee everything. However, to define whether a certain amount is enough to cover for your luxurious retirement requires more than just tapping some figures on the calculators.