Retirement Goals
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great article as always Mike.
One thing that I get again now (after reading a lot of blogger who are frugal to the extreme and thinking that they is the norm.) is that many many people are sleepwalking into an impoverished old age.
If you really need £45k as a couple (excuding the massive cost of housing) then even with a full state pension – you’ll need roughly the median average wage in income to have a comfortable retirement (ignoring tax!). That £25-30k a year will require loads and loads of money – and more importantly loads and loads of saving to accumulate.
It all sounds very disturbing for those who are not preparing themselves – and the fact that so many are sticking their heads in the sand is not a surprise – it’s human nature.
I would reckon tesco’s new clubcard scheme gets more interest from the public than their future penury but hey-ho you can only save yourself.
My problem (and that of others who have saved money and are closing in on FI) is that typical pensions advice is useless – save half your age in a pension… meaning you have to do your own research and get your own advice (from oracles like you). But the original report does make me feel that I’m doing quite well – even if the average person is not.
Thanks
I think people are in denial about the amount that they need to save, but that’s because it’s a lot of money.
When I started work, inflation and interest rates were high, and the amount you needed to save was much lower. I have a lot of sympathy for younger people today, but I don’t think that burying your head in the sand is the right way to deal with a tough problem.