PENSION UK - When can I AFFORD to RETIRE? How much money do I need in my retirement? At what age can I retire? How much money do I need in my private pension? The level of income you want when you retire is key to understanding when you can afford to retire.

From this video I hope that it allows you to start thinking about the level of income and therefore the sum of money or sources of income you would need for your retirement. It's also important to consider not only your private or workplace pension but also the income you will likely get from the State Pension as well.

In this video I provide various examples of levels of income and the assumed standard of living that would be associated with each in retirement based on the research provided by the Pensions and Lifetime Savings Association (PLSA).

I provide an example of how much money would be required to meet a targeted level of income.

Clearly the amount an individual will require in retirement will vary enormously from person to person based on their own circumstances and expectations. The research by the PLSA is to provide a practical and meaningful way for an individual to understand retirement saving.

CHAPTERS:
0:00 - Intro
1:15 - What are the PLSA Retirement Living Standards?
3:54 - Cashflow model using Mr & Mrs Pickles
4:24 - Cashflow model showing income levels
5:04 - How much did they contribute to their pensions?
5:32 - Cashflow model, impact on pension values
7:07 - Impact of inflation on pension values
7:56 - Cashflow model using Matty as an example
8:46 - Compounding growth of Matty's pension
11:05 - Impact of market fall on Matty's pension
12:20 - Link to follow up video

The three different standards of living described by the PLSA are based on a basket of goods and the associated costs of each, made up of household bills, food and drink, transport, holidays and leisure, clothing and personal care, and helping others. Link below:-

https://www.retirementlivingstandards...

Please also see my follow up video on 'Personal Pension - How can I take my Personal Pension? My retirement income options...'

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My channel is for information and education purposes only. Any information or guidance given does not act as financial advice. Please consult a financial adviser if you are unsure in anyway.

My aim is to provide education and guidance to help individuals understand pensions, investments and protection.