Pensions: how much do you need to save for retirement?

Pensions: how much do you need to save for retirement?

The majority of savers in the Government’s pension scheme are likely to save only half the amount needed to enjoy a basic income in retirement, according to a new report by a former pensions minister.

People who are unable to get on the property ladder will need to save even more to ensure they can pay landlords once they quit work.

So how much money should we all be putting aside?According to pensions investment company Royal London, where former minister Steve Webb is director of policy, the average person will need to save £260,000 over their lifetime to generate an income […]

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