How much do I need to save for retirement?

How much do I need to save for retirement?

Ms B is a 60 year old, recently divorced woman, who had also received an inheritance from her mother.

Following her divorce, she did not feel well off.  Her ex-husband had always been the higher earner and she did not feel financially secure.  She was particularly keen to free up some of her income each month, but did not want to do so if this meant that she was not saving enough money for her retirement.

She felt that her inheritance was her “once in a lifetime opportunity”.  She enormous pressure to use the money wisely and provide her with the most peace of mind possible.  She needed to confidently know the answer to the question “do I have enough or do I need to keep saving as much as possible towards my retirement?”

Using our cashflow modelling software we were able to demonstrate that not only were her existing investment and pension provisions were sufficient to meet her retirement income needs, but she could also comfortably afford to repay her mortgage with immediate effect.  This gave her enormous satisfaction that she owned her own home and felt better off each month without compromising her financial future.

Our fee was £1,920

Summary: How much do I need to save for retirement?

Did not feel well off and was concerned she was not saving enough money for her retirement.

The inheritance was her “once in a lifetime opportunity” for financial peace of mind.  She worried about her money and needed to know the answer to the question “do I have enough?”

Using our cashflow modelling we demonstrated her existing investment and pension provisions were sufficient to meet her retirement needs.  She could also repay her mortgage with immediate effect.

She has enormous satisfaction that she owned her home and felt better off each month.

She has peace of mind that she is working towards her retirement in 6 years time and will be able to continue her lifestyle.

The contents of this case study are for information purposes only and do not constitute individual advice.

The Financial Conduct Authority does not regulate Cashflow Modelling.

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