Money matters YOUR POST-WORK VISION

Whether you're loaded or limited, take a non-scary moment to do the future sums, advises our expert

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Where to begin

Start with how much you plan on spending in retirement. Once you've worked out your number, then you can think about how much you'll need invested to support that. Some people leave the planning a little too late. They work out what they can spend based on the amount they retire with. This isn’t ideal because it’s not reflective of the retired life you want to live and can lead to you compromising on your retirement plans. If you have the time, start with your desired amount in mind and work from there.

Your spending position

If at all possible, I like to see people in the same spending position in retirement as they are now, with perhaps a little extra available so they can have a bit more fun than their current work schedule allows. This is not about replacing your income from work with the same earnings from investments – it's unlikely you'll need that much.