FinancialAdvice.co.uk Logo

Qualified advisers answering your
Financial Questions
call 0800 092 1245

How much do you need to retire?

A report by MGM Advantage claims that the average couple in the UK will require £600,000 to be able to enjoy 20 years of retirement. While there is a large variation in the cost between the South and the North of England, with London couples said to require £194,602 more than their northern counterparts, it will come as a shock to many in the UK.

The report also suggests that the cost of living in the UK also varies dramatically with those living in the north-east of England enjoying a 16% lower cost of living than the national average. The detailed publication by MGM Advantage also makes a rather concerning suggestion regarding the possibility of people relocating en masse from the more expensive areas of the UK to the less expensive areas in the future.

Even though this is only one of many similar surveys published over the last few years it does show how the cost of retirement in the UK continues to rise. There is no way that the average couple in the UK will be able to lay their hands on £600,000 in their retirement which begs the question, how will they be able to fund their later years?

Share this..

Related stories

Financial Guides

Financial Calculators

Our useful calculators can help you get your finances in order:



Latest News

Blogs

Helpful new tax year facts that could affect you and your money


Blog | Seven helpful new 2016/2017 tax year facts that could affect you and your money. Our recent online blog shares a brief outline on how to stay up to date.


Read more

Useful Links

Popular Searches

Please Enter More Details

 
Enter More Details
Continue