Pension savers on average earnings face needing to build a pot of more than £300,000 typically to buy a retirement income big enough to maintain their current lifestyle, analysis suggests.
The findings from Aegon assumed that people on an average annual salary of around £27,000 should be targeting an income equivalent to two-thirds (67%) of their working age income – £18,000 a year or £1,500 a month.
To plug the gap, an average earner entitled to the full state pension of £691 a month would need another £809 a month from workplace and other private pensions to meet the target.Aegon’s analysis […]
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