Money Talks: Is my pension savings plan still on track?

A key part of retirement planning is to be able to answer the question: How much do I need to retire?

I am 51 and beginning to really stress about my retirement and having enough income to live on. Even though I have been saving into a pension since my first job, I have no idea how much of a total fund I will need and how far off I am from that. The last thing I want is to be a financial burden on my adult children in my later years. Any advice is appreciated.

Lots of clients who come to us have similar worries that their retirement savings are not on track. Like you, they are very concerned that, at their current savings rate, they will not have enough money saved to, firstly, retire at the age that they might want or need to retire and secondly, that retiring at all will mean a dramatic drop in their standard of living.