Saving for retirement calculator. Are you rich?
You have been financially savvy until now, saving for retirement. How much is enough though? Use our saving for retirement calculator to check if you are on track and how you compare to other people in the UK.
According to a simple concept used by financial advisors, we can check if we are on track for retirement by adding all our net wealth at any given point of time and comparing it to our yearly income. It is also a good idea to put things into perspective and to see how rich you are compared to other people in the UK. Keep reading and take the quiz to find out more…
1. The rule of thumb – to keep your lifestyle – you should have saved 1x yearly salary by the age of 30 and 10x yearly salary by the age you retire
The earlier we start saving for retirement, the better – but as a minimum, we should have saved 1x of our yearly salary at the age of 30 and 10x of our yearly salary by the time we retire. This, if we want to keep living the same lifestyle as before retirement. Experts recommend saving monthly ca. 15% of your income to secure good retirement. If you would save even more, you might be able to achieve financial independence and give
If you would save even more, you might be able to achieve financial freedom and give up work sooner than 65. If this thought inspires you, check out financial samurai to learn about his journey to retire young.
You don’t need to do the work all by yourself. This calculator will give you an idea about the level of retirement savings to aim for in your particular situation. You can also find out how rich you are in comparison to others from the UK. How cool!
2. Need help with calculating net wealth?
Net wealth is calculated as the difference between your assets and your liabilities. You can use our net wealth tool below to get the calculation done quickly.
The Bottom Line
The saving for retirement calculator has shown you the roadmap and the starting point. So you know how much saving for retirement is right for you. Having set your goals, it’s time to make your next move. Go out and get them! Our step-by-step start guide to building wealth will show you how to start. Become your better financial self. Every day.
Check out our blog for more resources on financial planning, passive income streams and life in general.