{"id":1107,"date":"2025-01-15T13:26:12","date_gmt":"2025-01-15T18:26:12","guid":{"rendered":"https:\/\/www.rbcwealthmanagement.com\/en-eu\/2022\/11\/04\/how-much-is-enough-six-steps-to-building-the-perfect-retirement-plan\/"},"modified":"2025-01-15T13:26:13","modified_gmt":"2025-01-15T18:26:13","slug":"how-much-is-enough-six-steps-to-building-the-perfect-retirement-plan","status":"publish","type":"post","link":"https:\/\/www.rbcwealthmanagement.com\/en-eu\/insights\/how-much-is-enough-six-steps-to-building-the-perfect-retirement-plan","title":{"rendered":"How much do I need for retirement?"},"content":{"rendered":"\n<div class=\"wp-block-rbcwm-well well is-style-b-blue-tint-4\">\n<p>How to plan for a comfortable retirement:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Determine how much you will want to spend each year over the course of your retirement, accounting for contingencies such as long-term healthcare<\/li>\n\n\n\n<li>Engage in cash flow modelling with your advisor to understand the figures you might need for different retirement scenarios<\/li>\n\n\n\n<li>Utilise different wealth and investment structures to grow and withdraw your wealth efficiently<\/li>\n\n\n\n<li>Adhere to your wealth plan and review it regularly to keep on track<\/li>\n<\/ul>\n<\/div>\n\n\n\n<p>There is rarely a straightforward answer to the question, \u201cHow much money do I need to retire comfortably?&#8221; Everyone&#8217;s retirement needs are different and can change over time.<\/p>\n\n\n\n<p>The good news is there are clear steps you can take to set yourself up for a financially stable retirement.<\/p>\n\n\n\n<p>For those looking to maintain a high standard of living after they stop working, it&#8217;s vital to take an in-depth look at their full retirement picture.<\/p>\n\n\n\n<p>\u201cMany of our clients are used to receiving a significant income every year and are often able to spend money without thinking too deeply about it,&#8221; says Lucy Day, associate director, Relationship Management for RBC Wealth Management in the British Isles. \u201cWhen we tell them how much they might need to grow their savings pot in order to continue that lifestyle throughout retirement, it can come as a shock.&#8221;<\/p>\n\n\n\n<p>For example, RBC Wealth Management calculates that someone who is looking to fund a 30-year retirement, spending \u00a3250,000 a year, with inflation at three percent, could require up to \u00a311.9 million in their retirement \u201cpot.\u201d Now that\u2019s the extreme scenario based on a zero-percent rate of return. If applying a five-percent rate of return (net fees and taxes), the required amount falls to \u00a35.8 million.<\/p>\n\n\n\n<p>While these are only illustrations, at the very least they show that a consistent return on investment (albeit, requiring a higher level of risk) significantly reduces the level of capital needed. They also reinforce how critical it is to have appropriate planning in place \u2013 and to start the process as early as possible.<\/p>\n\n\n\n<p>So, how exactly can you calculate the total you&#8217;ll need to fund the retirement you want? Here we look at six key steps that can get you on the road to realising your goals.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">1. Determine what you expect your expenditure to be<\/h2>\n\n\n\n<p>In order to calculate the size of your retirement pot, you need to have a reasonable idea of how much you want to spend each year. And this means carefully scrutinising \u2013 and questioning \u2013 your anticipated spending.<\/p>\n\n\n\n<p>\u201cWe typically look at a client&#8217;s level of expenditure and explore how they expect that to change, either up or down,&#8221; explains Day. \u201cA lot of factors can come into play. They may be paying a huge amount in school or university fees right now, for instance, but that will tail off at some point. After that, they may plan to buy property for their children or pay their grandchildren&#8217;s school fees.&#8221;<\/p>\n\n\n\n<p><i>How<\/i><span>&nbsp;<\/span>people choose to spend their retirement years will also have an impact. Some may wish to travel the world extensively, which could involve significant spending on holidays over a period of 10 or 20 years. Whereas others may want to live more simply and enjoy hobbies closer to home.<\/p>\n\n\n\n<p>\u201cIt&#8217;s also not uncommon for clients to focus on retaining the value of their assets for the next generation,&#8221; says Day. \u201cSo while they want to be able to live comfortably, they don&#8217;t want to considerably reduce the net value of their estate because they want to be able to pass that on.&#8221;<\/p>\n\n\n\n<p>By examining what you currently spend and how you expect to live in retirement, you can begin to understand the amount of income you&#8217;ll require.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">2. Factor in contingencies<\/h2>\n\n\n\n<p>If there&#8217;s one phrase befitting of planning for retirement, it&#8217;s &#8220;expect the unexpected.&#8221; It&#8217;s therefore important to look at certain contingencies and factor those into your calculations.<\/p>\n\n\n\n<p>For instance, your family circumstances may change \u2013 more grandchildren than expected may come along or a child may wish to relocate abroad. On the other hand, you or someone in your family may need long-term healthcare. There may also be external factors, such as market volatility or rising inflation \u2013 both of which can erode the value of your investments or savings.<\/p>\n\n\n\n<p>\u201cBecause we are considering unpredictable things here, it\u2019s not an exact science,\u201d says Nick Ritchie, senior director, Wealth Planning for RBC Wealth Management in the British Isles. \u201cThis is where scenario planning and cash flow modelling play a really important role.\u201d<\/p>\n\n\n\n<section class=\"wp-block-rbcwm-rbc-block rbc-block rbc-block-well rbc-block-small rbc-block-grey rbc-mid-page-cta has-block-grey-background-color has-background\"><div class=\"\"><div class=\"row \"><div class=\"col-lg-12\">\n<h4 class=\"wp-block-heading cta-title\" id=\"h-your-future-your-way\"><strong>Your future, your way<\/strong><\/h4>\n\n\n\n<p class=\"cta-content\">Get the clarity you need for a fulfilling retirement.<\/p>\n\n\n\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\" style=\"margin-top:var(--wp--preset--spacing--50)\">\n<a class=\"wp-block-button rbc-button-no-icon rbc-mid-page-button is-style-secondary rbc-button rbc-button-secondary\" href=\"https:\/\/www.rbcwealthmanagement.com\/en-eu\/contact\">Talk to a wealth planner<\/a>\n<\/div>\n<\/div><\/div><\/div><\/section>\n\n\n\n<h2 class=\"wp-block-heading\">3. Calculate the size of your required retirement pot using cash flow modelling<\/h2>\n\n\n\n<p>According to Ritchie, it\u2019s vital to look at several scenarios based on your anticipated expenditure. \u201cWe tend to show clients a couple of scenarios,\u201d he explains. \u201cSo, we\u2019d say, \u2018This is your spending requirement \u2013 and this is how much you would need in your retirement pot in order to sustain that requirement over a typical lifetime. And here\u2019s how that varies depending on different rates of inflation, life expectancies and rates of return.\u2019 This can then inform the level of risk someone is willing to take in pursuit of their retirement pot.\u201d<\/p>\n\n\n\n<p>Those willing to take lower levels of risk will typically have to put more aside during their working life to achieve their retirement goals. But what this type of cash flow modelling does is show a range of options that essentially cover best- and worst-case scenarios. \u201cIt gives you a much better sense of the number you\u2019ll need for the long term. It will never be exactly right, but it makes the often intangible concept of \u2018How much is enough?\u2019 become far more real,\u201d says Ritchie.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">4. Put a retirement plan into action<\/h2>\n\n\n\n<p>Looking at these scenarios can be a relief for some people, as they may learn they are closer than expected to their required amount. For others, however, it may come as a wake-up call that they need to take decisive action. Either way, a clear plan needs to be put in place.<\/p>\n\n\n\n<p>\u201cThere are two parts to this,&#8221; says Ritchie. \u201cOne is getting the right structures in place to grow the wealth efficiently, for example by taking advantage of basic ISA and pension allowances and potentially more sophisticated<span>&nbsp;<\/span><a href=\"\/insights\/how-to-optimise-your-retirement-plans?utm_medium=email&amp;utm_source=na&amp;utm_campaign=always-on&amp;utm_id=e3eab007a8c2704dcaece3f7ee7f9f6a\">alternative retirement strategies<\/a>. Then when it comes to accessing funds it&#8217;s also really important to withdraw capital and income in the most efficient way.&#8221; This may mean putting money into cash reserves to draw from in the first few years after retirement, then using a combination of pension lump sum withdrawals and capital and dividend payments to maximise the use of personal allowances throughout the retirement years.<\/p>\n\n\n\n<p>Another factor that has to be considered is how near to retirement you are. \u201cIf someone closer to retirement doesn&#8217;t have the pot they had hoped for, they may decide they have to take extra risks. But that<span>&nbsp;<\/span><a href=\"\/insights\/why-you-should-hold-your-nerve-in-a-market-downturn?utm_medium=email&amp;utm_source=na&amp;utm_campaign=always-on&amp;utm_id=493f74c1386409b0d7f8a7a46de3871a\">isn&#8217;t something we would typically recommend<\/a><span>&nbsp;<\/span>if a significant portion of those funds need to be accessed in the short term,&#8221; says Day.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">5. Don&#8217;t forget succession<\/h2>\n\n\n\n<p>For some individuals, it will be important to view their retirement planning in the context of a succession. It&#8217;s possible you already have separate vehicles in place for this \u2013 for example, trusts \u2013 but there are potential tax implications from retirement planning, including from inheritance tax (IHT).<\/p>\n\n\n\n<p>Currently, most modern pensions sit outside of an estate for IHT and so conventional wisdom has been to spend other assets which would otherwise be exposed to inheritance tax, preserving the value of pensions which could be passed on without a significant IHT liability. However, from 6 April 2027 pensions will form part of the taxable estate and be subject to IHT at up to 40 percent. While this will remove a major incentive to leave pension pots untouched, it won\u2019t necessarily make the pension the first place to withdraw from. Individuals will still need to navigate decisions over how to access their pension considering the availability of the tax-free lump sum allowance and withdrawals exceeding this being taxable at up to 45 percent. The best way to meet income needs while keeping one eye on succession will require specific tax advice from an adviser and adequate scenario planning to achieve the best outcome.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">6. Undertake regular reviews<\/h2>\n\n\n\n<p>Because circumstances can change, it&#8217;s important to make sure your retirement plan is reviewed on a regular basis to ensure you remain on track.<\/p>\n\n\n\n<p>\u201cWe always recommend reviewing retirement plans annually as a minimum,&#8221; says Ritchie. \u201cThat review will involve multiple aspects, such as how any investment strategy is performing, whether you are spending more or less than before, and if that means changes need to be made.&#8221;<\/p>\n\n\n\n<p>Alternatively, that review may reveal nothing needs to be changed and everything is progressing as expected, which can bring significant peace of mind.<\/p>\n\n\n\n<p>A comprehensive and holistic approach to retirement should deliver the pot you need, ensure you are drawing it in the most cost-effective way, and enable you to take care of what matters to you most.<\/p>\n\n\n\n<div class=\"wp-block-rbcwm-well well\">\n<p><strong>Please note: <\/strong>This does not constitute investment, tax or legal advice. Tax treatment depends on the individual circumstances of each client and may be subject to change in the future. The value of investments, and any income from them, can fall and you may get back less than you invested. Neither simulated nor actual past performance are reliable indicators of future performance. Information is provided only as an example and is not a recommendation to pursue a particular strategy. Information contained in this document is believed to be reliable and accurate, but without further investigation cannot be warranted as to accuracy or completeness. Forecasts are not a reliable indicator of future performance.<\/p>\n<\/div>\n\n\n\n<p><\/p>\n\n\n\n<p><em>This article was updated Jan. 2025.<\/em><\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Everyone wants to live comfortably when they retire. Here are six steps you can take to ensure you have enough money to make that dream a reality.<\/p>\n","protected":false},"author":15,"featured_media":16512,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"rbcwm_post_date":"","editor_notices":[],"rbc_url_alias":"","rbcwm_featured_desktop_image_position":"","rbcwm_featured_mobile_image_position":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[153],"tags":[155,156,154],"rbcwm_content_owner":[],"rbcwm_need":[120],"rbcwm_segment":[],"rbcwm_solution":[119],"rbcwm_topic":[109],"rbcwm_channel":[],"rbcwm_format":[],"class_list":["post-1107","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-retirement","tag-retirement","tag-retirement-plan","tag-retirement-planning","rbcwm_need-live","rbcwm_solution-wealth-planning","rbcwm_topic-your-wealth"],"acf":{"rbcwm_subtitle":"Everyone wants to live comfortably when they retire. 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