How much do I need to retire?

 How much do I need to retire?

What do you envisage your retirement to look like? Do you see yourself lounging on tropical beaches, or are you looking forward to the quiet life at home? How much of your mortgage is left to pay off, do you have outstanding debts and how independent are your children and grandchildren? These are all factors that need to be considered when establishing, how much do I need to retire?

how much do I need to retire

Unless you have ideas for a supplementary income, you are going to need a pension pot big enough to support your entire retirement. The optimum savings amount for a pleasant retirement is widely argued. A Which? survey questioned thousands of retired couples and discovered that between them;

“Households spent a shade under £2,200 a month, or around £26,000 a year.”

A study from Saga quotes a slightly more expensive figure for an individual;

“£15,000 a year is the amount we should be aiming for to guarantee a comfortable retirement.”

Retirees are entitled to £7,500 per annum, on a single tier state pension. This means that you would need £7,500 from a private pension to reach the £15,000 figure. To make this a reality, you would require a savings ‘pot of £125,222 for a standard annuity based on an average 65-year old.’

Our Advice

The exact amount you will need for retirement will vary from one person to the next. Individual spending habits, including luxuries such as holidays, new cars and a current wardrobe will all impact on the amount of savings you will need.

The sooner you start to think about your retirement and getting a plan in place, the easier it will become for you.

If you are unsure about how much you should be saving, or wondering if you are on the right rack, we would advise speaking with a professional. A financial adviser will be able to help you discuss your realistic options and what steps to take to guarantee you have the retirement you want.

We can help

If you are reading this and beginning to fill with nervous apprehension about the substantial numbers, we can help. We have discovered that there is approximately £400 million in unclaimed UK pension savings. Some of these savings could belong to you. One in five people who possess multiple pension policies have lost track of at least one of them.

To find out if you are owed any lost pension savings, search for FREE at monimine.com. Any money you discover can go towards you living the retirement you dream of.

Josh Cousens – Monimine. 

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5 Leading destinations for British expats to retire to

5 Leading destinations for British expats to retire to

Reaching retirement is a well-earned excuse to enjoy your latter years. Choices differ from one retiree to the next, but an increasing number of Brits are electing to pack their bags and live out their days in sunnier settings. A wide array of popular destinations appeal around the globe and we’ve listed five of the top locations for British expats to retire to.

destinations for British expats

1. Australia

The Land Down Under is a prominent haven for British expats. Retiring heads have turned towards Australia, because of its slower pace of life, the abundance of space, factor 30 sunshine and an endless coastline.

With many similarities to British culture, expats appreciate the likeness to home – but with the added perks that Australia brings. A lauded quality life has been concocted through al-fresco eating, the outgoing persona of Australian people and its picture perfect landscapes.

They even drive on the same side of the road.

2. Spain

The siestas, sunshine and stress-free culture of Spain has been enticing Brits for decades. 310,000 British expats already live in Spain, making it the most prevalent European venue for UK citizens. The stunning coastal regions, between the Costa Del Sol and Costa Blanca have proved particularly desirable.

The dream of living out your days as a sun-kissed beach resident is a reality in Spain. Affordable housing, outstanding climate and a carefree atmosphere all appeal to retiring crowds.

The inexpensive and short distanced flight from the UK also means family are only a few hours away.

3. Panama

Although sounding left-field, Panama has developed into one of the worlds leading retirement sanctuary’s. The low costs of Latin America, combined with an evolving infrastructure and a rustic charm, is tempting the retirement demographic to flock to Panama. 

The year long summer provides annual heat and a growing sense of modernity means all the retiring boxes are ticked. The country welcomes retirees with open arms and offers a range of options for foreign residency.

The juxtaposition of an urban metropolis and exquisite, rural scenery, including Pacific and Carribbean coastlines caters for all.

4. Portugal

Portugal is emerging from the shadow of Spain and gaining a reputation as the place to be in retirement. With sleepy villages and busy cities, Portugal offers a diversity of opportunities, each endorsed by an agreeable climate.

Portugal’s colourful coastline is bathed in history, whilst the bulk of retirees are often pulled by the magnetism of the impeccable Algarve region. Economical pricing and modern facilities, mixed with a primitive charisma is drawing retirees to the country.

Portugal is renowned for its safety and provides 3,300 hours of sunshine a year.

5. Thailand

From film-set beaches, to bustling markets and from tropical rain-forests, to culture filled cities – Thailand offers plenty for British expats. Thailand has become a gem of South-East Asia and it’s retirement community is flourishing.

People trying to escape the rat race of the UK are captivated by Thailand’s natural beauty, practical costs and its unique antiquity. The nation is pensioner friendly and a large part is fluent in English, especially in the South.

Spectacular temples, paradise islands and a host of vibrant festivals are all readily available.

Final thought

If you, a family member or a friend are considering packing your bags and moving overseas, you will want to ensure your finances are in check. The Telegraph noted how expat pensioners are missing out on £850 million in unclaimed pensions benefits.

We can help.

Searching for free through Monimine will investigate your financial accounts and policies for any unclaimed assets. If the information you input into our registration matches with the unclaimed data we hold from financial institutions, we can reunite you with your cash. Again for free.

Find out how much you are owed at monimine.com.

Josh Cousens – Monimine. 

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Have you lost unclaimed funds through your pension pot?

Have you lost unclaimed funds through your pension pot?

unclaimed funds in a pension pot

Retirement traditionally marks the end of employment, and it should be the time to take a load off, without stress. After 40 years at work, the last thing you want to be worried about is unclaimed funds in your pension pot. But almost 5.5 million pension records are waiting to be claimed!

At an estimated £400 million in unclaimed pensions savings, it accounts for one the largest contributors of lost assets.  

So why is this cash going missing?

The most common problem is when an individual is unable to inform their pension provider of their new address. If the provider is unable to contact the policy holder via their address, money can quickly slip through the cracks and become forgotten about. The financial institution will then class these customers as missing, or ‘gone away.’

Many people struggle adjusting to a lower income after work, so it’s vital to safeguard your pensions. If you’re not enjoying your full pension benefits, you may be forced into an arduous retirement, rather than a comfortable one.

Statistics published by Equiniti revealed that the average person will have at least six jobs in their lifetime. When an individual leaves one job for another, it can be easy to forget to notify your pension provider of your new company. Many people even take out a new pension and completely forget about the old one. If the provider is unable to contact you and you have forgotten about them, it is very simple for owed money to become trapped and left unclaimed.

Things became more complicated when companies began to move their pensions over to financial institutions, opposed to storing them in-house. The combination of businesses and financial companies make it a much more complex process to get your money back.

Although unlikely, your company may not have even told you that you were paying into a company pension scheme!

Our advice would be to ensure that you’re on top of all your pension policies, guaranteeing that they have all your relevant contact details and employment histories.

However … not enough is being done by pension providers to track individuals with outstanding policies.

If you think that you might have a sum of outstanding money owed to you through a pension scheme. Monimine allow you to search for unclaimed assets for FREE. Simply enter your details into the registration, and if your information matches with the data we have collated from UK financial institutions, we can help you to reconnect with your money.  www.monimine.com

Josh Cousens – Monimine