The amount needed to live a basic retirement lifestyle has skyrocketed, new research has revealed, with those hoping to live a comfortable life can now expect it to cost over £40,000 a year
The average pension pot needed to support some of the most basic retirement lifestyle needs has risen by almost 60% in the past three years according to a new study by the thinktank Resolution Foundation. This “significant” increase is largely due to the cost of living crisis which has seen bills rising across housing, energy, food and transport.
To get this basic standard of living in retirement, Brits will need to have £107,800 in their pension pots according to the researchers. This is an “alarming” 60% leap up from 2020-2021 when the estimate sat at £68,300. Katherine Chapman, the director of the Living Wage Foundation, commented on the study telling The Guardian that the significant rise “will undoubtedly be alarming”. Particularly for those who are earning a low income and are already struggling under the cost of living crisis.
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