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Your pension should be just one tool in your retirement shed. Chances are, most pensions will not produce enough income to fully cover all your retirement needs, so you should be saving in other accounts as well. Your pension should be just one tool in your retirement shed. Chances are, most pensions will not produce enough income to fully cover all your retirement needs, so you should be saving in other accounts as well. Some advisers recommend that you save up 10 times your average working-life salary by the time you retire. So if your average salary is £30,000 you should aim for a pension pot of around £300,000. Another top tip is that you should save 12.5 per cent of your monthly salary.
Many workers look forward to the day when they can retire. A recent survey from Natixis Investment Managers set out to find out exactly when most Americans hope to stop working. The average age is 62, the research found.
While it can be hard to make that assessment, watch for these five signs that suggest it's the right time for you to retire:
1 You have plenty of money saved.
2 You know your withdrawal rate.
3 You have a Social Security claiming
strategy.
4 You've made a budget.
5 You understand the tax rules.
Many workers look forward to the day when they can retire. A recent survey from Natixis Investment Managers set out to find out exactly when most Americans hope to stop working. The average age is 62, the research found.
While it can be hard to make that assessment, watch for these five signs that suggest it's the right time for you to retire:
1 You have plenty of money saved.
2 You know your withdrawal rate.
3 You have a Social Security claiming
strategy.
4 You've made a budget.
5 You understand the tax rules.