Amount Needed To Retire On

[Ric.ror]

I recently heard an item on the radio that stated the amount needed to retire was £11k a year.
Does anyone have a link to the item or any further information?

Many thanks

[black_cat51]

tht seems extraordinarily low!

[sandyRoe]

I think the state pension is about £140 a week, 7K a year. That doesn't seem a lot.

[gingejbee]

...depends what you want to do....for instance, eat?

[mazie]

Hi Ric... Can't help with the 11K a year question but this Paul Lewis ( Radio 4 Money Box man) might help answer a few questions

http://www.ageuk.org.uk/money-matters/pensions/planning-for-retirement/

[anneasquith]

if your only income is state pension. you are literally on ' the bread line ''

[ubasses]

http://www.telegraph.co.uk/finance/personalfinance/pensions/9806087/A-living-wage-pension-Itll-cost-you-500000.html

http://www.telegraph.co.uk/finance/personalfinance/pensions/9270082/6m-to-retire-on-less-than-minimum-wage.html

Two articles here one refers to the £11k figure which is the minimum wage. The other says a much higher figure is needed and explains how much people need to save to supplement the state pension and reach that figure.

[youngmafbog]

Depends on many things

For instance, live in a big house with big bills? Want to go on nice foreign holidays? Want to play golf or have any other expensive hobby?

Also, you need more when you first retire but as you get to a certain age your requirements (for most people) will drop dramatically.

11K ? If you have some life savings to help top up the initial years it may be enough but if not it is not going to be a pleasant retirement.

[youngmafbog]

Pensions and wages are not directly comparable.

Most people on a wage have expenses like Mortgages, car loans, kids and saving - something many will not have when at pensionable age.

[black_cat51]

If you are a couple whi need to pay rent and council tax, a large part of that 11k will be immediately used up

[Ric.ror]

I seem to remember the article said that people wanted to live approx 3 miles away from their children, have £11K pension and would like to retire at 63, or at least that's what I thought I heard

[Old_Geezer]

The amount you need p.a. is dependent on what you calculate your outgoings per year to be. (Not forgetting tax.)

Of course you benefit from a bit of saving potential too, to save for a rainy day. or simply treat yourself occasionally.

[ubasses]

http://www.dailymail.co.uk/news/article-2522301/Seeing-grandchildren-makes-pensioners-lives-happier.html

There is this one, goes deeper into the £11,000 but 24 miles is stated as the ideal for grandchildren.

[dancecaller]

If you have paid off your mortgage and were brought up with attitudes of post-war austerity and thrift the State Pension for a couple (claimed on 1 partners contributions it is £180 /week) might be enough for basics, but when the freezer/car/carpet needed replacing or the roof mending you'd be dipping into savings. And as you get older you might need to pay for jobs you could have handled (decorating /gardening)