How much do you need to save into your pension?


Article by Adele

This is a question that as financial advisers we are often asked, the response is often – how much do you need to live on and how long are you going to live?

Advances in science, research and medicine coupled with greater awareness of living healthier lifestyles is resulting in the UK population living longer.

The Office of National Statistics (ONS) has analysed statistics to create the probability of reaching milestone ages if a person is currently 65.

The chart shows the chance of reaching the age of 80 if you are now 65 for men this is 67%. It is generally accepted that women live longer than their male counterparts, the ONS agrees with this concept with giving them a 76% chance of attaining the age of 80. However, the best chance is if you are currently living as a couple, this then means the chance at least one of you reaches the age of 80 is a massive 92%.

When looking at how many people currently aged 65 are likely to get to the age of 90 although the probability drops to 24% for men, 35% for women and 50% for couples, these are still a pretty good chance. If the chance of winning the lottery was 24%, I doubt if there would be anyone not having a flutter.

Although there is a one in four chance of a man living in excess of 25 years in retirement, many when looking at their retirement provision are still not considering how long they will need to make it last.

At Christina Clegg Financial Planning Services, we take time to thoroughly understand what income you required to live, what your vision for your retirement looks like, what are your potential sources of income and anything else that may impact your retirement. We will then create forecasts showing how long your wealth is likely to last given the income your need which will assist in the recommendations of how to access your retirement income.


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I found it very easy to do business with Christina, she talked to me as a friend and I would recommend her to others.

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Highly recommended to friends and relatives. Contacting Christina was the best thing we ever did. We wouldn’t be in the financial position that we are, without her.

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