Is the statutory minimum 5%+3% enough?

westv

Albermarle said:

For many Luxury would conjure up images of people with multiple homes and holidays across the globe, a big yacht, Rolls Royce etc ; 

That covers most on here then. 

crv1963

I think that the figures are doing what they are supposed to- make people think and debate what constitutes basic, comfortable and luxury retirement for them in their circumstances. It may not be perfect or even real world for many but does provide those who consider their retirement a starting point.

It was how I considered our finances when I first started looking closely at what we would get in retirement, then what we would need for the lifestyle that we aspire to. Then I looked at what additional savings we would need to make to achieve the desired pension income for us.

These figures then formed the basis for our savings targets, our type of savings- pension, cash in the bank and completing work on the home and garden to prepare for retirement and getting older in the home we enjoy, whilst still having the means/ income to pay for it.

I certainly learnt a lot from the forum and the answers to questions that I asked and am still learning, for my fellow contributors I will be forever grateful- as are my sons who took the advice about pension contributions from a young age and keeping or increasing the level of savings.