![]() There’s long been a culture in the UK of taking the first available pension options or pension plans and sticking with them. Understanding Your Pension Pot And How To Boost It The Pensions and Lifetime Savings Association, Retirement Living Standards- October 2019 Please remember that investments can go up or down. This is based upon expected growth rate of the investments, inflation and management fees which have been input. It does not constitute legal or taxation advice. It is based on our understanding of current legislation and HMRC practice. It is not a projection and should not be treated as such. This calculator is for guidance purposes only. Use our specially designed Retirement Planning Calculator to compare the level of income you aspire to enjoy in retirement with the actual income you can actually expect from your existing funds. It doesn’t sound like a lot to live on, does it?Įspecially when you consider that the current maximum State Pension is only a little over £9,100 a year. To put this in perspective, a single pensioner would – according to the Pensions and Lifetime Savings Association – need a pension income of £10,200 to live a ‘minimum level’ lifestyle in retirement. ![]() But it definitely won’t provide you with a comfortable life financially, nor the kind of lifestyle you might have become accustomed to in your working years. One thing’s for certain: a UK State Pension alone might possibly be enough to ‘get by on’ for the basics. We all reach that stage – either through choice or necessity – when we start thinking about how big a pension we need, or want, to live off in retirement.
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