How much will I need to live on when I retire?

No one else can answer this question except you.

To identify how much you might need, start by calculating your current average outgoings. Then subtract any costs that may not apply when you retire. Childcare costs and mortgage payments are the most obvious examples but of course, this all depends on your own situation. It’s also wise to make an allowance for unexpected costs.

You’ll also need to take inflation into account. By the time you stop working, most things will probably have risen in price, and prices will keep climbing during your retirement.

By chatting with an Ask Acorn financial advisor, you’ll benefit from our expert professional knowledge and we’ll be with you at every step to help ensure a comfortable, secure retirement.