The Retirement Newsletter: Balancing the books — other income streams

Issue Number: -98 — Looking for other income streams

Photo by Towfiqu Barbhuiya on Unsplash

Welcome

Welcome to issue -98.

Last week — Issue -99: What does a comfortable retirement mean? — I looked at how much money you might need for a comfortable retirement, and it appears the figure is around £22,000 — £32,000 per year (depending on your marital status), and I am assuming that is gross, pre-tax. But what is a comfortable retirement?

Well, I defined the different levels of retirement in Issue -125: How much money will I need for an Essential, Moderate (Comfortable) or Luxury retirement? as:

• Essential — Not the most comfortable way to be retired, but at least you are retired and have some freedom, albeit limited by money.
• Moderate — a comfortable retirement. A retirement where you are not limited by or worried about money. A retirement where you can travel and do things you want to do.
• Luxury — a retirement where money isn’t a serious concern. You can’t go mad, but you can afford some very nice holidays and have a very comfortable lifestyle.

So, how can you move from one retirement level to the next? You need money!