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Enough?

Do you know the cost of your current lifestyle and would you like to maintain this in retirement?

Retirement Study

Recent studies have shown that an average income of £47,500 per year is needed to maintain a comfortable lifestyle for a couple in the UK.

The study below gives an average rule of thumb as to what different levels of lifestyle and income are needed at retirement be able to enjoy the things they want such as travel, socialising or holidays.

Of course one person’s comfortable is another’s basic or luxury lifestyle — take a look and let us know your thoughts and what amount you would need a year to maintain your lifestyle.

Basic

Covers all of your needs, with some left over for fun.

Moderate

More financial security and flexibility

Comfortable

More financial freedom and some luxuries

Your lifestyle

Can you maintain your lifestyle without the fear of running out of money?

Basic

A ‘minimum’ lifestyle covers all your needs, with some left over for fun and social occasions. You could holiday in the UK, eat out about once a month and do some affordable leisure activities about twice a week.

About three quarters of employees are likely to achieve at least the minimum standard.

£10,200 (single person p/a) £15,700 (couple p/a)

Benefits

  • A week and a long weekend in the UK every year
  • A £67 weekly food shop
  • No Car
  • £460 per person for clothing and footwear a year
  • DIY and maintenance of one room every year
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Moderate

A ‘moderate’ lifestyle provides more financial security and more flexibility. You could have one foreign holiday a year and eat out a few times a month. You’d have the opportunity to do more of the things you want to do.

Around half of employees are projected to have an income between minimum and moderate.

£20,200 (single person p/a) £29,100 (couple p/a)

Benefits

  • 2 weeks in Europe and a long weekend in the UK every year
  • A £74 weekly food shop
  • 3-year-old car replaced every 10 years
  • £750 per person for clothing and footwear a year
  • Some help with decoration and maintenance each year
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Comfortable

A lifestyle that allows you to be more spontaneous with your money. You could have a subscription to a streaming service, regular beauty treatments and two foreign holidays a year.

About one in six employees are projected to have an income between moderate and comfortable.

£33,000 (single person p/a) £47,500 (couple p/a)

Benefits

  • 3 weeks in Europe each year
  • A £91 weekly food shop
  • Two cars each replaced every five years
  • Up to £1,500 per person for clothing and footwear a year
  • Replace Kitchen and bathroom every 15 years
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Your lifestyle

If you want to maintain your current lifestyle, the first step is to fully understand what this costs and what is most important to you.

We can then help establish whether your assets, your current and future incomes are sufficient for what you want to enjoy your life.

Do you know what your lifestyle costs a year?

Benefits

  • How far and often would you like to travel?
  • How often do enjoy eating out?
  • How often would you like to replace your cars?
  • How much would you need for clothing each year?
  • How often would you like to redecorate and update rooms?
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Click here to read how they carried out this survey here or to view the study in full

Please get in touch for a full financial review if:

Case Studies

These case studies highlight how we have helped and added value to some of our clients in recent years.

Case Study 1

Ready for retirement

Case Study 2

Business owner

Case Study OneReady for retirement

Their concerns:

  • Made redundant and felt they couldn’t afford to stop working;
  • Wanted to help children in future;
  • Had not reviewed investments in many years;
  • Investments spread across many policies and various different companies.

After hearing about how they just wanted their investments reviewing and amending to be easier to manage we wanted to know a little more about the situation and why they felt the need to rush back into work.

We were able to ascertain what the cost of their lifestyle was whilst maintaining their current standard of living and carrying on with the trips and holidays they were used to.

After working with them to create a financial plan and looking at all assets and expected future expenditures we helped illustrate that they could retire now by using the various savings, investments, and pots they had built and scattered around. We did this by maximising the savings growth, minimising the tax payable, and splitting income between them which together allowed them to do all of the things they wanted to achieve.

How we helped

  • Took the stress out of trying to find work and gave them peace-of-mind;
  • Consolidated and tidied their investments allowing access to them much more easily;
  • Allowed them to reduce the risk they took with their investments and saved costs;
  • Financial plan provided clarity that they can achieve their ongoing objectives;
  • Saved considerable amounts of tax which goes back into their pocket.

Case Study TwoBusiness owner

Their concerns:

  • Wanted to exit business;
  • Wanted to help children and grandchildren in future as well as an elderly parent;
  • Wanted to make sense of all incomes and assets which was working for them and what wasn’t;
  • Wanted to buy property abroad and live their part of the year in retirement.

We helped uncover what was most important to the clients and understood that leaving the business over the next five years was key — they felt they had worked hard to build this up and now wanted to enjoy as long as retirement as possible mainly in warmer climes.

They wanted to be financially independent of their business before retirement so they had enough personal income and assets to maintain and enjoy the lifestyle they were used too without having to compromise or sell the business.

Working through their financial plan with them we were able to provide the clarity and peace-of-mind that they could achieve what they wanted whilst leaving the business to their children without having to sell it. By selling some investment properties in the UK and abroad, taking income from the business more tax efficiently and putting in place a cohesive investment strategy, they were able to take the income they needed from the business now rather than having to sell it in the future.

By having this exit plan in place, this allowed them to enjoy the last few years of work, being able to buy a home abroad to enjoy in the meantime with the knowledge they would no longer be reliant on their business.

We now work with all members of the family on an ongoing basis making sure they can maintain their lifestyles and that their financial futures are in safe hands.

 

How we helped

  • Able to retire much earlier than anticipated;
  • Able to leave business in safe hands and pass on to family;
  • Sold assets that were tax inefficient and weren’t being used;
  • Ongoing financial plan providing clarity that they can achieve their ongoing objectives;
  • Maintain their lifestyle independent of the business;
  • Saving considerable amounts of tax for themselves and their business.

Contact us today

By listening and truly understanding our clients, their lives, families and what they are looking to achieve, we can help them remove the fear of their financial future by implementing the best strategies and help them move forward in a positive way.

Through our work, we help remove the hassle and burden of their financial situation and help them to save money, tax, and more importantly precious time they can spend doing the things they enjoy

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