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Am I going to be okay? Take Retirement Test

Are my family going to be okay? Take Estate Planning Test

Dominic Browning, Managing Director — Posted by Dom Browning
04/11/24

News, Resources, Insight and Opinion from Browning Financial Planning

The Rule of Thumb with regards to accumulating pensions and investments

Dominic Browning, Managing Director — Posted by Dom Browning
04/11/24

In 2024, the UK average salary is £33,696.

As a rule of thumb, you should have accumulated an investment/pension pot equivalent to 1 year's salary by the age of 30. For the average wage earner, this equates to £33,696.

By 40 you should have three times average salary, so £101,088.

By 50 it is six times, so £202,176.

At 60 it is eight times, so £269,568.

And at 67 (state pension age) it should be ten times, so £336,960.

Please note these are 2024 figures so the figures needed will increase in line with wages/inflation.

Your own income may be higher or lower than the average, and YOUR figure is the only important one, however people often ask me how they are doing compared to others, so please take these figures as a general guide only.

Financial advice will help you work out "your number", the amount you will need to ensure you do not run out of money before you die. Nothing can beat a personalised financial plan, built by us and our clients, using cutting-edge cashflow planning software.

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Copyright of Browning Financial Planning Ltd. Registered office: Morar, Brooklands Lane, Torquay, TQ2 6PH. Telephone: 01803 60 67 66. Browning Financial Planning Limited, company number 8448809, is registered in England and Wales and is authorised and regulated by the Financial Conduct Authority (607455). Will writing is not regulated by the FCA.

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