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Planning For Retirement
Introduction to retirement savings
How much you need to save for retirement is generally a vexed question, complicated by the fact that everyone's retirement needs will be different.
A simple example is that if your grandchildren are living in your home town, this will obviously require less money than if your children have moved their families to London.
The best advice on offer is from the likes of Sorted, who suggest a level of retirement income based on 70% of your current annual income. While they go on to suggest those factors that will affect the amount of retirement income you'll need, for example owning or renting a home, they offer little concrete advice.