Ensuring that you have enough saved up for retirement is a constant worry for most and often cause sleepless nights. We worry about 

•    whether we can lead the same lifestyle as we do now
•    having to downgrade our lifestyle because our savings are not enough
•    if we might have to sell assets to have enough to retire on
•    not having enough to retire in the country we choose

It is important to reverse engineer your retirement planning based on your current lifestyle and how much is needed to achieve the same income at retirement. Achieving the £1 million milestone is a good target to aim for as part of your retirement planning.

If you choose 65 as a retirement age, depending on how much you want to invest, you will need between 20-30 years to make this scenario happen. Time is the most important factor in growing your savings. 

Example 1 – 20 years till retirement

This requires a £175 000 investment and £ 500 a month for 20 years earning an average 7% interest per annum and a 2% annual increase for inflation. 

Example 2 – 30 years till retirement

£670 a month over 30 years earning average 7% interest per annum and annual inflation increase of 2% 
Or
£100 000 investment and £200 a month over 30 years earning average 7% interest per annum and a 2% inflation increase.

*These are just examples of potential investments to reach £1 000 000 retirement savings if markets perform well over the time frame.

Your Financial advisor will work out a plan of action for you according to your retirement goals and retirement aspirations. csvhelp@devere-group.com

Please note, the above is for education purposes only and does not constitute advice. You should always contact your deVere advisor for a personal consultation.
* No liability can be accepted for any actions taken or refrained from being taken, as a result of reading the above.