But that\u2019s now a reality for the 50-year-old, from West Yorkshire, who had planned to give up work at around 60.<\/p>\n
Claire is self-employed<\/a> and has been trying to build up her media relations and crisis management support business.<\/p>\n New FeatureIn ShortQuick Stories. Same trusted journalism.<\/p>\n Since separating from her husband last year, who she was with for 30 years, she \u201cno longer think[s] everything will be alright\u201d.<\/p>\n Speaking to The i Paper, she said: \u201cI am now looking at secure positions as I no longer have the safety net of my husband\u2019s income.<\/p>\n \u201cSome serious financial planning combined with fiscal frugality will be needed to ensure I can actually retire in about 20 years.\u201d<\/p>\n She is looking to be employed by a company, so her taxes will be handled for her, she will have employment rights and protection, pension contributions from her employer, and job stability.<\/p>\n Claire\u2019s retirement strategy was to rely on investment properties with her husband \u2013 a combined approach, she said, but now she will have to start paying into a pension pot.<\/p>\n Her story comes as analysis from Standard Life indicates that single retirees need almost \u00a3230,000 more in their pension pot <\/a>than couples to achieve what Pensions UK defines as a \u201cmoderate\u201d standard of living.<\/p>\n For Claire, those numbers are no longer abstract. She explained: \u201cRetirement feels a long way off now.<\/p>\n \u201cLong term, I will have some house equity I can use as I plan to downsize further when my children leave, and I do have 15 or more years to start saving down properly and if I can get to about \u00a3400,000 through saving, interest and equity, plus my state pension, then I think I\u2019ll be ok.<\/p>\n \u201cI think an income of around \u00a330,000 a year in retirement is achievable. I never really thought about it before \u2013 I just assumed everything would work out.\u201d<\/p>\n How much do people need to save for retirement<\/p>\n Standard Life\u2019s analysis shows just how steep that savings target<\/a> can be for someone on their own.<\/p>\n To achieve a moderate standard of living in retirement, which includes running a car and taking one two-week foreign holiday a year, single retirees need an after-tax income of \u00a331,700 a year, according to Pensions UK.<\/p>\n After factoring in the full current state pension<\/a> of \u00a311,973 a year, that leaves an annual shortfall of \u00a324,509.50 \u2013 ideally provided by a private pension.<\/p>\n
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Claire\u2019s retirement strategy was to rely on investment properties with her husband, but she has had to re-evaluate her plans following their separation<\/p>\n