Best of the Week
Most Popular
1. Trumponomics Stock Market 2018 - The Manchurian President (1/2) - Nadeem_Walayat
2.Yield Curve Inversion a Remarkably Accurate Warning Indicator For Economic & Market Peril - Dan_Amerman
3.China is Now Officially at War With the US and Japan - Graham_Summers
4.Markets Pay Attention Moment - China’s Bubble Economy Ripe for Bursting - 16th Jul 18 - Plunger
5.Stock Market Longer-Term Charts Show Incredible Potential - Chris_Vermeulen
6.U.S. Stock Market Cycles Update - Jim_Curry
7.Another Stock Market Drop Next Week? - Brad_Gudgeon
8.The Death of the US Real Estate Dream - Harry_Dent
9.Gold Market Signal vs. Noise - Jordan_Roy_Byrne
10.The Fonzie–Ponzi Theory of Government Debt: An Update - F_F_Wiley
Last 7 days
SPX Losing Gains - 17th Aug 18
What Gold Is Not - 17th Aug 18
Dollargeddon - Gold Price to Soar Above $6,000 - 16th Aug 18
Stock Market Higher Again, Correction Over? - 16th Aug 18
Up Your Forex Trading Game - 16th Aug 18
Large Caps Underperformance vs. Small Caps is Bullish for Stocks - 16th Aug 18
“The Big Grab” - Failing Pension and Retirement System - 16th Aug 18
How US Indo-Pacific Vision Forgot Asian Development - 16th Aug 18
Impulse Moves in the Currencies - 15th Aug 19
Best Merlin UK Theme Park Summer Holiday 2018 - Thorpe, Alton Towers, LegoLand or Chessington? - 15th Aug 18
The Essence of Writing an Essay that Must be Understood - 15th Aug 19
Is Solar Energy Rising From The Ashes Again? - 15th Aug 18
A Bullish Bond Argument That Hides in Plain Sight - 15th Aug 18
Jim Rogers on Gold, Silver, Bitcoin and Blockchain’s “Spectacular Future” - 15th Aug 19
A Depressed Economy And A Silver Boom - 15th Aug 19
Moving Averages Help You Define Market Trend – Here’s How - 14th Aug 18
It's Time for A New Economic Strategy in Turkey - 14th Aug 18
Gold Price to Plunge Below $1000 - Key Factors for Gold & Silver Investors - 14th Aug 18
Dow Stock Market Trend Forecast 2018 - Video - 13th Aug 18
Stock Market Downtrend to Continue? - 13th Aug 18
More Signs That the Stock Market Will Rally Until 2019 - 13th Aug 18
New Stock Market Correction Underway - 13th Aug 18
Talk Cold Turkey Economic Crisis - 13th Aug 18
Which UK Best Theme Park - Alton Towers vs Thorpe Park vs Lego Land vs Chessington World - 12th Aug 18
USD is Rising. What this Means for Currencies and Stocks - 12th Aug 18
Hardest US Housing Market Places to Live - Look Out Middle Class - 12th Aug 18
America’s Suburbs Are Making a Comeback - 12th Aug 18
Stock Market US Presidential Cycle, Seasonal Analysis and Economy - Video - 12th Aug 18
Yield Curve Inversion and the Stock Market - Video - 11th Aug 18
Land Rover Discovery Sport 1st Dealer Oil Change Service - What to Expect - 11th Aug 18
How to Setup Webinars and Use Them to Overcome the Barriers in E-Learning - 11th Aug 18
Big US Stocks’ Q2’18 Fundamentals - 11th Aug 18
Dow Stock Market Trend Forecast 2018 - 10th Aug 18
SPX Testing Its First Support Level - 10th Aug 18
Dreaming of a "Comfortable Retirement" on a Public Pension? - 10th Aug 18
The Forrest Gump of All Future Democrat Election Losses - 10th Aug 18
More Uncertainty as Stocks Got Closer to January Record High - 10th Aug 18

Market Oracle FREE Newsletter

Trading Any Market

Three Million Brits Are Slaving Today For a Better Tomorrow, says Fool.co.uk

Personal_Finance / Pensions & Retirement Jul 21, 2007 - 01:50 AM GMT

By: Fool.co.uk

Personal_Finance We expect to retire at 59 with a pension pot of £650,000 3 million Brits are slaving today for a better tomorrow

Around 3 million gritty Brits are living reduced lifestyles today so they can enjoy a better retirement tomorrow. One in two people in Britain expect to maintain their current lifestyle when they retire, but one in six people are living for today rather than tomorrow.


A Fool.co.uk survey (1) has found that one in two people want to retire to an idyllic life of Wine and Plenty, which requires a pension pot of around £750,000 (2). For one in two people, this merely represents a continuation of their current way of life.

But one in thirteen people are prepared to make significant sacrifices now to achieve their dream Wine and Plenty retirement. Furthermore, almost one in 80 people are prepared to suffer now in order to enjoy a 'Champagne & Caviar' retirement.

As many as one in 16 people say they are living on Beer & Mash today so they can luxuriate in Wine and Plenty later on. Additionally, one in 60 people are even prepared to live a 'Homebrew & Chips' lifestyle now just so they can enjoy wine when they hang up their boots.

The research, which was conducted with readers of various incomes (3), also reveals that most of us plan to stop work by the time we reach our 59th birthday (4); by then we expect to have a pension pot of almost £650,000(5).

To achieve that retirement, twenty-year olds need to be putting away at least £200 a month, and thirty-year-olds, who have not planned for their retirement, should be saving more than twice as much - some £470 a month.

Forty-year olds will need to squirrel away £1,200 a month, and this may require a complete overhaul of their current lifestyle. It's a daunting, though not impossible, task. It may require someone on a Wine and Ptï lifestyle today switching to 'Beer & Mash', if they haven't done so already, to afford the extra savings needed.

David Kuo, Head of Personal Finance at Fool.co.uk , says: It is heartening to see that people are thinking about life after work. However, retirement is not just about the age when you take the longest coffee break imaginable - it is also about the type of coffee you can afford to drink. Consequently, it pays to consider how you will pay for your cuppa.

For one in two people, a life of Leisure is the most appealing. But our survey suggests that a retirement pot of almost £750,000 will be needed to afford it.

That said, a pot of this size is not unattainable. A thirty-year-old can reach this by putting aside £470 a month, and a twenty-year-old only has to salt away half as much (4).

For many of us, retirement is about getting out of the rat race, but it doesn't mean you have to get by with less cheese. With careful planning there's no reason why you can't have cheese to accompany your wine.


By Sonia Rehill
soniar@fool.co.uk
http://www.fool.co.uk

For further information and/or to arrange an interview with David Kuo please contact:

Sonia Rehill, Fool.co.uk, on 020 7297 8159 or Soniar@fool.co.uk
Sophie Jones, Fool.co.uk, on 020 7297 8160 or Sophiej@fool.co.uk

Notes :

1. An online survey of 1806 Fool.co.uk readers conducted between 11 June 2007 and 10 July 2007.


© 2005-2018 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in

6 Critical Money Making Rules