If you’ve read any of my previous blogs, you’ll probably have guessed that I enjoy running. Sometimes, I run with music, other times without. But I also listen to podcasts on some of my runs to keep me up-to-date with personal finance and financial planning news. Recently, I listened to an episode of BBC Money Box Live in which Anne from Dorset asked the question “How much can I spend in retirement?”.
This is a question that might sound familiar to many pensioners or people approaching retirement. While I’m not going to suggest what I might advise Anne to do, I am going to talk about some of the her points.
Money For Nothing
In the podcast Anne imagines that others might think that she gets “Twenty thousand pounds a year for … doing nothing”. But really, Anne receives her healthy pension income because she’s worked hard and saved throughout her life.
How much can I spend in retirement? A financial plan could have the answer
Anne’s main worry seems to be that she is unsure how much of her money she can spend. While it is clear that she would like to travel more, she’s not really sure if she can afford it. This is probably an ambition that many of us share. I certainly enjoy getting away and seeing new places. So how can Anne work out how much she can spend in retirement?