How much do you think you need to retire?

[Sherliarty]

I have been asked this question and when I looked it up, people were talking about needing a pot of 600k to get a decent pension! I wonder if this means they are buying an annuity. My plans are I will live off my investments(much less than the above figure) and any income generated, this does mean I don't have a fixed amount but does mean I can access my capital if necessary. I should also get the state pension and a small amount from work pensions. What are your plans?

 

[homie]

600K is the figure I have heard banded about too but it depends on how much you think you will need to maintain the lifestyle you want.

I will probably be dead by the time I get to retire, so its not something I'm putting too much worry into. Main plan is to sell my house and move into one of those "old people caravans" That should free up a reasonable amount of money to see out the rest of my time along with state pension and a small workplace pension.

I'm used to living off minimum wage so can live frugally and wont need a lot. I won't be the sort of pensioner that goes on multiple holidays and is a member of the yacht club.

 

[mrcbo]

Yes depends on what you want. If you feel the need to still have car or lot of relatives to support. Using multiple methods for me such as shares workplace pension and of course you pick up ebaying and surveys any time. Again mortgage might be a issue.