There are many things to consider when planning for retirement, but the biggest question of all is: 'can I afford to retire?'
To find the answer, first consider how well you want to live during your retirement. Your spending habits will influence how much money you need to accumulate in preparation for retirement.
Next think about:
- How long am I likely to live? (in order to estimate how long your income needs to last)
- How will I manage increases in the cost of living?
- If investing in shares, how can I protect my income against the effects of adverse market movements?
All of these things can affect how long your retirement savings last.