How much money do you really need to retire? Is there a magic retirement number, or does it depend on your lifestyle, spending and financial circumstances?
In this episode of the Financial Illumination podcast, brought to you by Lumin Wealth, Harvey Armstrong and Alan Pereira explore how to work out how much you need for retirement and how to build a sustainable retirement plan.
They discuss retirement planning, pension savings, the State Pension, inflation, budgeting, Defined Benefit pensions, ISAs, cash savings and investment income, as well as how to plan for the years between retiring and receiving the State Pension.
The conversation covers how to:
- Work out your expected spending in retirement
- Separate essential, discretionary and one-off expenses
- Understand how inflation could affect your retirement income
- Combine pensions and other assets to fund your lifestyle
- Plan for early or partial retirement
- Use cashflow forecasting to visualise your long-term financial plan
- Consider downsizing and future property equity
- Make the most of different income sources and tax allowances
The key message? Retirement isn’t a magic number or a specific age. It’s about having enough assets and income to support the lifestyle you want for the rest of your life.
Please note that the content of this podcast is for informational purposes only and should not be considered financial advice. As always, your capital is at risk when investing.
Lumin is authorised and regulated by the Financial Conduct Authority.
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