We’re often asked ‘how much do I need in my pension to be able to retire?” We have, as you might expect, to give a politician’s answer: ‘Well, that all depends’. It depends on how much you’ll need, or think you might need, firstly to ‘keep the show on the road’ and cover your basic spending, and then to do a bit more than that and have some fun along the way. In just the last couple of weeks, the answers have varied between £1,500 and £5,000 per month; and I guess if you have or are talking to a financial adviser, you’re able to aim higher than a ‘basic retirement’. The £110,000 pension pot is what’s needed, in addition to the state pension, to match the current living wage. And sadly, in our supposedly-wealthy nation, there are many, many pensioners who do and will have to live on much less.
“Majority of IFAs have no plans to use AI in their practices”
I remember sometime in the 90’s, attending a presentation by a successful adviser providing helpful hints to an audience of wannabes, young and old.
