BROWNING
FINANCIAL PLANNING
Dominic Browning, Managing Director
Posted by Dom Browning
09/02/24
News, Resources, Insight and Opinion from Browning Financial Planning

Am I on track to retire comfortably?

Dominic Browning, Managing Director
Posted by Dom Browning
09/02/24

Clients often ask me if, for their age, they are on track to retire comfortably.

It is a hard one to answer as everyone has different circumstances but here is the rule of thumb.

Say you income is £50,000 per annum and you want to retire at 67 on the same income that you are on now, the milestones you need to aim for are as follows:

Aged 30, 1 year's income, so £50,000.

Aged 40, 3 year's income, so £150,000.

Aged 50, 6 year's income, so £300,000.

Aged 60, 8 year's income, so £400,000.

Aged 67, 10 year's income, so £500,000.

People under-estimate what they need to do and put off saving. The best time to start saving was yesterday, the second best time to start saving is today.

I have financial adviser colleagues who only give advice on lump sum investments. Very few people of working age ever get given lump sums to invest, so you need to take responsibility for your retirement by setting up automated savings into pensions and ISAs.

The above rule doesn't take into account factors such as early retirement, final salary pensions and the state pension. This is why we use retirement shortfall analyis software to give you a more thorough indication.

More News, Insight & Opinion
The Autumn 2025 Statement

There was so much bad news predicted that everyone breathed a sigh of relief when November 26th came, as it could have been so much worse. Yet, for financial services, the bad news still outweighed the good news by quite some margin. Here we go. Continue

Beware of Greeks (Investment Companies) bearing gifts

As interest rates increase, investment companies are increasingly marketing investments which promise attractive levels of income. Continue

Our Investment Philosophy

Research shows that investing in shares over the longer term produces returns far in excess of other asset classes. Continue

Paying your IHT bill via life assurance

Now that personal pensions are going to be included in your estate for inheritance tax purposes after April 2027, a lot more people will be sadly subject to Inheritance Tax. Continue

Is a Lifestyle Trust the right IHT solution for you?

It is getting harder and harder to shelter your assets from the Government when you die, as the Inheritance Tax (IHT) thresholds have not changed since 2009. Continue

Widows/Widowers and Inheritance Tax

Did you know that if a a widow and widower get married, then on their deaths, they may be able to leave up to £2,000,000 to their families with paying Inheritance Tax (IHT)? How is this possible? Continue