The average retirement age in the UK for men is 65.1, while the average retirement age for women is 64. According to a study by the Employee Benefit Research Institute, 37 percent of workers planned to retire after age 65 in 2016, up from 30 percent in 2007. And while there are many reasons people are choosing to delay retirement, money is often at the top of the list. In fact, a recent survey found that 70 percent of retirees left the workforce earlier than they planned, with 43 percent citing financial.
But before retirement, there are many things that need to be planned for. This includes figuring out how much money you will need for retirement and how much you should save for it every month.
HOW MUCH MONEY WILL YOU NEED TO HAVE SAVED BY THE TIME YOU RETIRE?
There is no one definitive answer to this question. It depends on a variety of factors, including your lifestyle, age, and expected retirement date. However, a good rule of thumb is to have 10-12 times your annual salary saved up by the time you retire. Add this amount to the retirement calculator for the “Amount at retirement” question.