Prompted by the How much to live on thread, my question is about how much to keep in savings in retirement.
Of course not everyone is fortunate enough to have savings, but some of us have, whether by putting money away whilst working, or inheriting a sum, or drawing a lump sum of pension on retirement. I apologise in advance if this thread is offensive to anyone not so fortunate. But I think it is a fair question to discuss.
Initially there may be debts to pay off eg a mortgage. Some may need to draw on savings to top up a meagre pension, but once that is dealt with, what is a reasonable sum to keep aside for emergencies, to feel secure?
Many people want to leave an inheritance for their children, but others boast that they are SKIing, Spending the Kids’ Inheritance.
Then there is the dreaded unknown: Will I need to pay for my care?
So if some of us are lucky enough to have savings, how much do we eat into them, by choice rather than necessity? How much would you want to keep secure for a rainy day?
Shall we reboot our cartoons thread again? 😁