| |
Major Site Upgrade in Progress |
 |
|
 |
|
Shahla
Money Managing Guru
Joined: 13 Nov 2004
Posts: 3324
Cash Points ££ 126163.28
|
|
|
 |
|
 |
|
 Posted: Mon Jul 23, 2007 5:58 am Post subject: Three Million Brits Are Slaving Today For a Better Tomorrow, |
 |
|
|
 |
|
 |
|
|
|
|
By: Fool.co.uk
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. |
|
|
|
|
|
|
 |
Online Finance Tools & Calculators |
 |
| Credit Score Calculator |
Easy to use online Credit Scoring tool - Calculate your credit score now online for FREE ! using the Moneyforums.co.uk credit scoring tool. Also TEN Tips on improving and mainting a good credit rating ! |
|
| Quick Health Calculator |
Easy to use quick health calculator to help you get started on the path to fitness. Calculates your body mass index (BMI). |
|
| "When will I die ?" Calculator |
Calculate when will you die based on your current life style and then more importantly what you can do about extending your lifespan ! |
|
| Mortgage Calculator |
Easy to use online Mortgage calculator tool - Calculate how long it will take to pay off your mortgage and what your monthly repayments will be as well as interest charged per month per each year. |
|
| Savings Calculator |
Use the flexible savings calculator to estimate the amount of interest you would earn given a level of monthly savings, with many optional settings. |
|
| UK Tax Calculator |
Check your tax and NI liability using this easy to use online tool. Outputs, Tax, Ni, Net pay and gross pay on an annual, monthly and weekly basis, also estimates your tax burden and the number of days a year you work for the tax man ! Plus lots of tax saving tips. |
|
|
 |
|
 |
|
Money
Forums Guides |
|
| Credit
Card Stoozing |
The
following guide explains the basics of credit
card stoozing in a step by step basis. |
|
| Discount
Vouchers |
Online
discount vouchers giving upto
50% off in stores such as Dixons,
Tesco, Avon, Currys, Boden and more. Many
of the vouchers are time limited - So check
back regularly |
|
| Money
Saving Guide |
Guide
to saving money on household bills & personal
finances - Start saving thousands of £'s
every year TODAY ! |
|
| Savings
Tree |
A
guide to Savings Accounts, from Cash ISA's to
Regular Savers to Premium Bonds, all explained
in an easy to understand manner. |
|
|
Users
Groups | Profile
| Messages
| FAQ | Sponsers
& Links | Member
list | Recommend this site | Top Money Saving Sitee
© 2004 - 2007 Moneyforums.co.uk / Market Oracle Ltd - Asserts copyright on all topics & posts made on this site. Moneyforums are open forums, and thus posts are NOT endorsed by Moneyforums.co.uk / Market Oracle Ltd . Any and all information provided within the Website is for general information purposes only and nor is or shall be deemed to constitute, financial or other advice. We recommend that independent professional advice is obtained before you purchase any product and/or service. All tools and guides are provided as is for general information purposes only.
|
|
|
