Prepare for a comfortable retirement that you control
As you start spending your money, you need a strategy to help make your savings last. What you do with your money today can have a huge impact on how much you - and your family - live on in the future.
Research from the Fidelity Retirement Institute showed that there's a 50% chance that one member of a 65-year-old couple will live to the age of 93. If you understand how much you'll need in retirement, you can plan better and keep on enjoying life.
Know your number - will your money last?
- How long will you live for in retirement? People are living longer – so your money needs to last longer too.
- What are you planning for your increased leisure time? You'll probably want to take holidays, or maybe take up a new sport or hobby?
- How you spend your money may change - for example, your mortgage may be paid off, but utility bills may increase if you're spending more time in your house.
- Can your savings outpace inflation? Spreading it across several types of investments – including shares – could help.
- How much income should you take from your savings? Taking too much too quickly could drain your savings.
Our educational tool, myPlan - in retirement can help you understand how much you can afford to spend and how long your money will last. It will also demonstrate how, by altering the asset mix of your investments, you may be able to increase your spending or draw on your savings for longer.
