The amount needed to retire will differ for everybody, depending on their individual (and family) requirements. While some may have enough money to retire comfortably whenever they please, most of us are not in that situation, so retirement is something that needs to be planned carefully.
Some might use spreadsheets for planning, which can offer a false sense of security because they assume a consistent return on investments each year. There are too many variables, such as one-time inflows/outflows, inflation, and the variability of investment returns. The best projections are created using retirement planning software that can run hundreds or thousands of scenarios, using randomized investment returns. This type of retirement planning will give you a range of outcomes: the median (most likely) outcome, and the probability of success (i.e., not running out of money).
If you’d like help with retirement planning in Shrewsbury to know if you have enough money to retire, get in touch with our team.