Financial Planner
David Mulcahy DIPFA LIBF
Having been in the profession since 1996, David has worked as an adviser, supervisor and manager but more recently has decided to return to planning and assisting clients with their goals and objectives.

Once or twice a week I enjoy a cold one with the boys (and a few girls) in our local. The usual conversations normally apply, sport predominates, but a couple of weeks ago the conversation turned to:

“How much do you need to comfortably retire?”

We had a think.

Some felt that if we assume no mortgage and no debt £2,000 per month would be ok (do you want your retirement to be just ok?), one fellow though thought £5,000 per month would be necessary, excluding holidays.

With the increased cost of living we’ve all had to absorb in the past few years, we all agreed that the basic state pension was not enough and should not be relied upon in isolation – especially as it’s not really guaranteed.

But what is enough?

My interest was peaked; especially as it’s what I spend a lot of my time talking about with clients all day long.

The answer of course is that it’s different for everyone.

I did a little digging and found, amongst the many articles on the subject, the following from the Pensions and Lifetime Savings Association (PLSA).  Admittedly the most current information I could find is 2022 so an extra 10% could easily be added to these figures, and I also ignored the London data which does still skew the national figures.

These figures are an example as of course everyone is different.  Some of my fellow raconteurs easily utilise the moderate food allowance in liquid form per week. So, a lot depends on lifestyle, entertainment, hobbies, and habits.

The above is as good a starting point as any though and we explore with our clients exactly what they need to meet their needs at various stages in their lives.  

So, now we know roughly what we need to comfortably retire,are we on track? This is where the power of our Financial Life Planning really comes in to it’s own.  Contact us today to see how we can help.

Source: PLSA 2022. *These figures could fund this lifestyle outside of London. Source:

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