This is the amount you need to have saved to retire comfortably – are you on track for your age?
If you plan on living out your retirement years without worrying about finances, then retirement saving is a must.
Millions of employees work tirelessly for decades in the expectation of a comfortable retirement in the future. But for many UK residents retirement is an event to be feared due to lack of savings and pension.
The latest figures by Blacktower Financial Management Group reveal that Generation X (aged 41 to 56) need to have saved £330,330 to retire on an income of £23,595 per year (the amount needed to live comfortably in the future).
Millennial’s in their early thirties should have already put away over £70,000 if they want a stress free and happy retirement. Even 25-year olds with an average of just a year of full-time work under their belt need to have already saved £15,745 regardless of what else they are paying for according to Blacktower.
In reality, Britons under 34 have only saved around £1,000 for retirement.
Check your age against the amount you need to save, and what you currently have saved to find out if you’re on track: