Listen to Episode 452
On this week’s episode we discuss how much annual income you need to have the retirement you want. We also explain the pros and cons of deferring your state pension. Finally, we reveal an emerging trend in the latest bank switching offers.
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Episode Quiz
Here are five multiple-choice questions to test yourself after listening to this week's episode.
Questions
1) What is the minimum annual income needed for a single person to have a comfortable retirement according to the analysis by the Pensions and Lifetime Savings Association?
A) £31,300
B) £43,100
C) £59,000
D) £75,000
2) What type of retirement lifestyle allows a grocery spend of £55-£100 per week?
A) Minimum
B) Moderate
C) Comfortable
D) Luxurious
3) Under the current rules, what percentage does the state pension increase each year if deferred?
A) 5.0%
B) 5.4%
C) 5.6%
D) 5.8%
4) After the £100 switching offer is successful, what is the additional monthly cashback amount that HSBC will pay, assuming all criteria is met?
a) £10 for 6 months
b) £10 for 12 months
c) £20 for 12 months
d) £20 indefinitely
5) Which of the following could be a potential negative impact of closing an old bank account when making a switch?
A) It may harm your credit score
B) You'll have to pay a fee to close down the account
C) You will need to print off and sign an account closure form
D) You won't be able to open a bank account with that provider in the future
Answers
- Answer 1: C) £59,000
- Answer 2: B) Moderate
- Answer 3: D) 5.8%
- Answer 4: B) £10 for 12 months
- Answer 5: A) It may harm your credit score
Resources:
Links referred to in the podcast:
- Pension needed in retirement rises in 2024
- Analysis by Pensions & Lifetime Savings Association
- MTTM - Ep 372 - Retirement Spending Truths
- 7 tips on how to boost your state pension
- HSBC launches £220 switching offer
- Best bank account switching offers
- Chase changes 1% cashback rules
- 80-20 Investor
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