can anyone tell me

[x5x3]

I have no idea if I am saving enough to retire.

Assume I have no debts and an assortment of investments (i.e, pension, ISA, etc) and I want to stop work at 60 - how much of a "pot" would I need to get an income of around £24K pa after tax?

Thanks in advance

[CaptainSlow]

About 400k.

[bogie]

before tax I would have said £500k at current rates ...just do a search for annuity rates

[jeff m2]

Any income source to be started at 60 needs to be index linked or at least a provision made for protection against inflation.

Norm is a 4% draw down from a 8% average growth rate.
So...that means it takes 300K to provide 1K/month.

Currently the Bond component of that port might need to use B stuff and developing country Bonds. (Unless of course you are Bill Gross)

[x5x3]

thanks for the replies folks - looks like I need to get saving

[Steven Quas]

I would say more like 600k at present, to allow a little safety margin. Depending on your age,health, smoking habit.... you might expect to live another 30 years once you have reached 60 so as already stated you will need to protect from inflation, to avoid ending up living on very little in later years.

Steven Quas
Hamburg

Edited by Steven Quas on Sunday 29th April 13:20