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‘Comfort’ pension level is £15,000, says study

Enables IFA’s know that one of the hardest things to think about when you are young is saving for a pension.  But one of the surest things to do to make sure you have some savings for retirement is to start early.  A recent industry report suggests that when you are planning for retirement your should try and plan for an income of at least £15,000 a year.  It suggests that once people reach that income level, they begin to feel more comfortable and more financially secure and that that sense of wellbeing jumps significantly once retirees earn between £15,000 and £20,000 a year, including their state pension.

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Interestingly enough the £15,000 contentment threshold seemed to apply however many people there are in the household.  A report like this really does help give a much more clear idea of how much people need to save for the very basics in pensions for retirement to top up state pensions.  The revised state pension is expected to be worth at least £7,500 a year when it comes in in April 2016.

Nest – a non-profit-making organisation which supplies pensions under automatic enrolement- has recently produced some tips for saving into a pension.  It claims that if a 30-year-old worker replaced a takeaway with a home-cooked meal at least once a week, they could save £12 a week.
If all of that was paid into a pension, it could build up to a pot worth more than £50,000.  Makes you think about what you might be frittering away if you want to start planning for your pension early Enable’s IFA’s are here to help.

Issued by: Enable Independent Financial Life Planners
25c North Street, Bishops Stortford, Herts CM23 2LD
Telephone: 01279 755950 – Fax: 01279 657339
Enable Independent Financial Life Planners is a trading style of Enable Independent Limited is authorised and regulated by the Financial Conduct Authority.
It is important always to seek independent financial advice before making any decision regarding your finances. If you would like any assistance, please contact us.

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