Are you on track for a comfy retirement and do you really need a £600k pot?

This is Money Podcast

This is Money

Business News, Business, Investing, News

4.1 • 650 Ratings

🗓️ 1 September 2023

⏱️ 51 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Inflation has been ravaging our finances, but it is also threatening our future.

According to new research, if you want a comfortable retirement, you need to build a pot of nearly £600,000.

The rising cost of living requires an extra £4,200 a year to maintain the same lifestyle as in spring last year - which means you have to save another £69,000 in all.

This week, Tanya Jefferies, Georgie Frost, Lee Boyce and Helen Crane delve into pensions, as separate research shows more than half of people saving into one believe they will never put away enough to stop working when they get older.

What can you do? Tanya reveals how to invest your pension and live off it in retirement.

One thing that isn’t going to help your retirement funds is forking out to help your kids get on the property ladder.

But that is exactly what is happening at the moment and in huge numbers.

Financial aid is expected to support almost half of all homes purchased by buyers under the age of 55 this year - totaling £8.1billion. Is tapping into the Bank of Mum and Dad fair?

People who spent big sums on state pension top-ups are angry their cash has gone missing and they can't get answers out of HMRC or the Department for Work and Pensions – Tanya gives an important update.

Lee runs the rule over the new 6.2 per cent one-year fixed-rate from National Savings and Investments, alongside four savings trends gleaned from a new Bank of England report.

Helen reveals the four pressures landlords are facing as more of them opt to sell up.

And lastly, are you suffering from dogflation, catflation or any kind of petflation? And how can you bite back?

Transcript

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0:00.0	Welcome to This Is Money Podcast. I'm Georgie Frost and joining me and Lee Boyce today is Helen Crane and Tanya Jeffries.
0:09.2	And coming up, how much do I need to save for retirement? To be well off, try £600,000.
0:17.1	Unsurprisingly, many of us think that is unachievable, is it? Tanya offers some pearls of wisdom on how to invest your pension.
0:23.6	Plus, chaos in the state pension top-up system continues.
0:27.6	Also today, Ennis gets generous.
0:29.6	The bank of mum and dad is very much open for business this year.
0:32.6	We look at why more landlords are selling up.
0:35.6	And are you a victim of dogflation?
0:39.4	Don't forget, you stop to stay with all the latest breaking money news. Just go to this ismoney.com.
0:43.5	dot UK or download the app. Don't forget, you can stay on top of what's going on in the markets
0:49.1	by tuning in to the Digest and Invest Podcast by Itara. Go to your regular podcast platform and listen on the go.
0:54.8	Digest and Invest by Itara, the podcast for those interested in trading and investing.
0:58.8	But first, inflation has been ravaging our finances of late, but it's also threatening our future.
1:06.3	According to new research, if you want to be comfortable in retirement, you're looking at
1:10.0	needing to build a pot of nearly £600,000. The rising cost of living requires an extra $4,200 a year
1:17.6	to maintain the same lifestyle as spring last year, which means you have to save another £69,000 in all.
1:26.6	Tanya. Firstly, what do we mean by Comfortable? Where has this research come from?
1:32.2	Well, there's a very useful industry standard, which it's published once a year by the Pensions and Lifetime
1:37.8	Savings Association. And it looks at what income you need for a basic, a moderate and a
1:43.6	comfortable lifestyle. So comfortable is
1:45.6	obviously at the higher end. They do the research every year, but obviously inflation has had a
1:51.9	big impact on it. So interactive investor has looked at the research, calculated what
	...

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