Hugh Lambert No Comments

For anybody who’s planning for retirement may not be at retirement age but planning for retirement, the big question is, how much income will I need in retirement?

There are rough rules of thumb such as 50% of your income or 66% of your income but for me, it’s on a case-by-case basis.

The state pension, if you’re entitled to it will cover a lot of the basic household bills but for things, and this is where it comes down to an individual basis such as the lifestyle that you want, your hobbies, holidays, and potential healthcare expenses.

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A lot of that will be funded through private pensions and private savings.

Now cash flow modeling is a very good tool that gives you a position whereby you project forward your potential expenses and what you have ring fenced for retirement in terms of private pensions and savings and it gives you the current position and you can then make a decision on whether you need to make any changes to your pension provisions.

If you found this article helpful and would like to learn more about your financial planning options for retirement, please comment below, share with your network or tag a friend who might benefit from this information!

Feel free to connect and start a conversation or contact me directly at +353 (87) 778 5325☎️

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