Thursday, 17 October 2019

Counting The Cost Of Retirement

The Pension and Lifetime Savings Association have created a guide of what kind of lifetsyle people can expect on different levels of income and have pegged a 'comfortable' retirement at an income of £33,000.
The £33,000 would allow £56 per week for shopping, allow a 3 week annual holiday in Europe and you could be the best dressed pensioner at the Post Office with an annual clothing allowance of £1,250.
A moderate income is £20,200 which would allow for a £46 per week food budget, a 2 week holiday in Europe and £750 clothes budget to spend on your favourite slippers, cardigans and hats.
The full state pension is £8,767 which means that you will need to find another £1,433 to reach the minimum level of £10,200 which will allow for a £38 per week food shop, 1 week holiday somewhere in the UK and £460 to spend on clothes.
If the Government has it's way and increases the pension age to 75 then having enough to retire on won't be a problem for many as they would have been worked to death by then saving the Government tens of billions but we can always live in hope that a heady mix of Brexit and a right wing government will make sure we are all okay, i'm sure i saw that on a bus somewhere.

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