Investment & Investing

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amey
I know there are multiple pension calculators out there that can calulate approx what you will accumulate as pension if contributed £XXXX monthly/annually etc

What I am struggling at is to figure out how much money I would need when I retire; still a n00b around this stuff but:
1. What is 'retirement'? When I decide to stop working freelance or PAYE and the next day I can access the funds given that I am above state retirement age?
2. Our current outgoings are going to go down as we grow older (at least thats the optimistic scenario), I can foresee childcare costs going down with quite a bit of detail in my head but what about rest? Will my mortgage finish in its term or before?
3. What sort of expenses go up as you grow older? Healthcare?
Basically I am happy to save for retirement but would be nice to 'understand' the goal.

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Howard in reply to @amey

how much money I would need when I retire

There was a report on this the other day. It was something like £17k per annum for a single person, £30k for a couple.

In today's money.

What sort of expenses go up as you grow older? Healthcare?

You won't be working that much, so you'll have to find something to do instead, and this will cost you money, probably.

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amey in reply to @Howard

£17k per annum

fucking hell, even if I ride 105?!
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NotThamesWater in reply to @Howard

£17k per annum for a single person, £30k for a couple.

Until you need care services.

Then it's more like £17 for 2 months.

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