I have decided to open up my thoughts and share it with whom it may concern. It might be beneficial to some while others could find it a bit eerie or possibly dismissable. If you are in your 40’s and 50’s, please stay with me for a few more minutes. It just might confirm you are on the right path or on the other-hand set your alarm bells going.
A little intro of self.
I am a 54-year-old African male with the body of a 40-year-old and the stamina of an unhealthy 30-year-old… That is an almost true analysis of my profile. With regards to my career, I have taken one or two turns too many and found myself in the valley of the unsatisfied but I remain humble and grateful. Now let me run with it while your finger twitches to move on to the next viral video of some wannabe comedian.
The question that lingers on my mind is no other than – If I am Oven ready for retirement or just taking a blindfolded swing at it? According to the PLSA, the average household would need an average of 26K per year in retirement.
Ref: PLSA (Pension and Lifetime Savings Association)
How much money will I need when I retire?
It says the minimum amount for a single person is £10,200 and for a couple, It’s £15,700 which would cover basic costs with some extra money for leisure activities.
For a moderate income in retirement, it estimates a single person would need £20,200 and a couple would need £29,100 which would provide a little more financial flexibility and security.
While for a comfortable retirement, you would need £33,000 as a single person and £47,500 as a couple, which would allow for financial security and some luxuries.
Just like some of you, the numbers knock me into a compulsory reality and I have had to take stock to see where I am or where I am meant to be in line with what is expected. If you haven’t given it a thought, I would suggest you do. Most of us have jumped on the wrong flight, heading to an emergency dirt runway with a cliff at the end of it. All I can say is BRACE BRACE!
With all that said, we all need to get some financial advice while we have some gas left in the tank. The ride to retirement might just be smooth and comfy, or you might just be pushing the jalopy till you keel over. A word for the ostentatious, tighten your seatbelts, reality has been known for its deadly left hook.