How much money will you spend in retirement?
We all know that life expectancy is on the rise and, as a result of low interest rates and investment return expectations, our money needs to work harder and last longer in later life.
This new study suggests we tend to underestimate our spending in retirement to the tune of £100,000. That's a lot of money.
It's a useful reminder that everyone needs a comprehensive Financial Plan when they enter this stage of life.
By making careful assumptions about the future, and combining these with an accurate assessment of what you have, what you need and what you plan to spend, your Financial Plan will help make sure you don't run out of money before you run out of life.
“The amounts we will spend are astonishing. By having a realistic view on what our futures may cost, we can ensure we are managing our savings and investments sufficiently now,”