How Much Do I Need to Save & How Much Income Do I Need In Retirement? Using research from Which? with the aim is to answer the following two questions: ⭐ How much income will I need in retirement? ⭐ How much money will I need to save in advance to deliver that income? I’ve done a few videos in the area on levels of income that someone might need in retirement (when aiming to retire at State Pension Age) and on the amount that would need to be saved to deliver that income. This is really thinking about creating and making a financial plan. Which? the provider of consumer reviews and advice has done some nice little research this year having surveyed almost 7,000 real retirees to find out their spending habits in order to answer two critical questions: How much income will I need in retirement? How much money will I need to save in advance to deliver that income? I thought it would be interesting as well to contrast this with the alternative research that I have seen in this area from, and I’ve mentioned this one before the PLSA (Pensions and Lifetime Savings Association) and their retirement living standards. ⏰ 0:00 - Introduction 0:33 - Two critical questions. 0:56 - Average spending levels in retirement. 1:20 - What is considered the minimum level of income? 1:52 - The other retirement income levels. 2:28 - Spending levels in retirement 5:22 - How much to have saved? 6:04 - How much to save? 7:41 - Bye! Video on how to check your State Pension Age and Forecast: https://youtu.be/oXubQ6YlMzI Link to Which article: https://www.which.co.uk/money/pensions-and-retirement/starting-to-plan-your-retirement/how-much-will-you-need-to-retire-atu0z9k0lw3p Link to PLSA research: https://www.retirementlivingstandards.org.uk/ 🗒 Please note: The information provided is based on the current understanding of the relevant legislation and regulations and may be subject to alteration as a result of changes in legislation or practice. Also it may not reflect the options available under a specific product which may not be as wide as legislations and regulations allow. All references to taxation are based on my understanding of current taxation law and practice and may be affected by future changes in legislation and the individual circumstances. This channel is for information and education purposes only. Any information or guidance given does not act as financial advice. Please consult a financial adviser if you are unsure in anyway. Keep in mind that the value of your investments can go down as well as up, so you could get back less than you invest. ⭐ My aim is to provide education and guidance to help individuals understand pensions, investments and protection.