There are more retirees in the UK than ever and with people living for longer, more of us are wondering about our retirement plans. But at what age (and with what resources) you retire is largely down to your investment choices, Paul Hardy explains. 

When can I retire? Expert insight on when you can draw your pension - Matthew Douglas Ltd

Of course, circumstances can and do change, so we advise regular reviews of your pension with a dedicated financial adviser to ensure sufficient spending in your twilight years. 

Protect your income to prevent problems later on

Income Protection Insurance can be a vital lifeline for many people. For example, for around £60 a month (depending on your income and your provider) you’ll be able to ensure your salary isn’t compromised by illness or injury. This can guarantee you’re contributing to your pension for as long as you’re working and means you’re not eroding your savings early. 

To put it in perspective, that is around 2% of most people’s monthly spend, so the savings could be sizable for a very small investment.

How much money do I need to retire?

On average, a single person will need £23,300 a year to achieve a moderate living standard in retirement and £37,300 for a comfortable one. Of course, this varies per person, by living location and any number of contributing factors. 

While we can theorise all we like, the only true way to know how much money you’ll need to retire and, consequently, at what age you can confidently leave the workforce very much depends on shrewd investments and correct choices now.

Of course, circumstances can and do change, so we advise regular reviews of your pension with a dedicated financial adviser to ensure sufficient spending in your twilight years. 

Protect your income to prevent problems later on

Income Protection Insurance can be a vital lifeline for many people. For example, for around £60 a month (depending on your income and your provider) you’ll be able to ensure your salary isn’t compromised by illness or injury. This can guarantee you’re contributing to your pension for as long as you’re working and means you’re not eroding your savings early. 

To put it in perspective, that is around 2% of most people’s monthly spend, so the savings could be sizeable for a very small investment.

How much money do I need to retire?

On average, a single person will need £23,300 a year to achieve a moderate living standard in retirement and £37,300 for a comfortable one. Of course, this varies per person, by living location and any number of contributing factors. 

While we can theorise all we like, the only true way to know how much money you’ll need to retire and, consequently, at what age you can confidently leave the workforce very much depends on shrewd investments and correct choices now.

At Matthew Douglas, our team of retirement planning experts are here to help you ensure your pension and savings are right for you. Get in touch today to plan ahead of potential problems.