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- £9,000 to £12,000 retirement income per yearIf you retire at 55 with a £300,000 pension pot in the UK, you could expect to draw £9,000 to £12,000 retirement income per year, which is below the recommended minimum income standards1. On average, an individual spending £43,100 a year would run out of funds in approximately 7 years, and a couple spending £59,000 a year would run out in 5 years2. While technically possible, this amount would not provide a comfortable retirement lifestyle3. A general rule of thumb is to save around 25 times your expected annual expenses, so for yearly expenses of £30,000, you should aim for around £750,000 in pensions, savings, and investments4.Learn more:✕This summary was generated using AI based on multiple online sources. To view the original source information, use the "Learn more" links.If you retire at 55 with £300k in the UK, you could reasonably expect to draw £9-12K retirement income a year (sticking to the recommended 3-4% a year safe withdrawal rate). That’s well below the recommended £17K required for minimum income standards in the UK, much less providing for a comfortable retirement.www.2020financial.co.uk/can-i-retire-at-55-with-300k/On average for a comfortable retirement, an individual will spend £43,100 a year, whilst the average couple in retirement spends £59,000 a year. This means if you retire at 55 with £300k, an individual will run out of funds in approximately 7 years, and a couple in 5 years.www.joslinrhodes.co.uk/retirement-planning/can-i-r…If you’re planning to retire at 55, you may have around £300,000 in your pension pot, and yes, you could technically afford to retire as you’d have just enough retirement income to get by. But it certainly wouldn’t give you the comfortable retirement lifestyle you’ve almost certainly been dreaming of.liberty-partnership.co.uk/blog/can-i-retire-at-55-wit…If you plan to retire at 55, a general rule of thumb is to save around 25 times your expected annual expenses. This is slightly higher than retiring at 60 because your retirement savings need to last longer. For example, if your yearly expenses are £30,000, you should aim to have around £750,000 in pensions, savings, and investments.frazerjames.co.uk/retire-at-55/
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