Page 41 - Real Rochdale Issue 18 Summer 2023

ADVERTISING FEATURE

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Has the definition of a comfortable retirement changed?
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Whether you’ve got 20 years before you retire
or just a few, it’s important to have an idea of just
how much money you’ll need for a comfortable
standard of living once you’ve finished working.
The amount individuals and couples need to
enjoy a comfortable, moderate or minimum
standard of living in retirement has risen by
almost 20% in the past year .
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Whatever stage you’re at on your saving journey,
having a specific income in mind can help you
focus and plan.

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P a y n o u n r e g i b t x How much money do I need to retire? ABOUT THE WRITER
As director of Front Row Financial, Steven
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a ne e r ut For a minimum standard of living (with a weekly Worrall provides a truly holistic approach
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that demystifies financial advice and puts you
food budget of £54 and one week and weekend
in control, with tailored solutions and ongoing
away in the UK each year), latest numbers show a
single person now needs £12,800 a year, while a
lifestyle goals.
couple needs £19,900 . support to help you achieve your financial and
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These days, retirement is less about slowing down and more about regaining
time – to enjoy the hobbies and adventures you’ve been dreaming about for Meanwhile, individuals need £23,300 a year for
so long. But with the shift to financial self-reliance, making the right retirement a moderate standard of living, while couples from work over a period of years, rather than a
need £34,000. A moderate standard of living hard stop.
decisions means you need advice that’s personal to you.
stretches to £74 a week on food, with two
That’s where we come in. We can give you a local, friendly service backed weeks in Europe and one long weekend in the UK Your adviser will also be able to ensure that the
by the strength and security of a FTSE 100 company, St. James’s Place Wealth every year. risk profile of your investment portfolio (not just
Management. We can help you manage your income and savings, while your pension) is at the right level for you and
guiding you through the complexities of tax. For a comfortable standard of living (which that it’s in the best position to serve you into
includes three weeks in Europe yearly and a food retirement
If you’re looking for security alongside your bucket list, let’s talk about how budget of £144 each week), a single person needs
we can make it happen. £37,300 a year, while a couple needs £54,500. Get in touch

Call today to find out more Why do you need a financial adviser? Even if you’re not overly concerned, it’s still
worth having a regular check-in with your
Advice can be invaluable here. In addition to adviser. We can help you build a retirement plan
looking at your cash flow and helping you work that will give you a bit more flexibility.
out how much you’ll need to live on, an adviser
can help your retirement plans remain on track. The value of an investment with St. James’s
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Place will be directly linked to the performance
D A For those who are likely to retire relatively soon, of the funds you select and the value can
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Partner Practice the cost-of-living crisis and the stock-market therefore go down as well as up. You may get
volatility that has accompanied it will have been a back less than you invested.
major cause for concern.
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Sources 1 & 2: Rising Prices Add Almost 20% to the
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For some, this will mean rethinking their Cost of Retirement, Pensions and Lifetime Savings
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retirement plans to a degree, delaying retirement Association, January 2023.
can be an easy solution, but a more palatable
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REAL ROCHDALE - SUMMER 2023 40 41 REAL ROCHDALE - SUMMER 2023
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SJP11492e B1 (02/22)