The average person will have to save £260,000 over their lifetime to enjoy a basic income in retirement, climbing to £445,000 if they are unable to get on the property ladder, according to a report by a former government pensions minister.
In a gloomy assessment of the outlook for today’s millennial generation, Steve Webb said most savers in the government’s auto-enrolment scheme were likely to accumulate only half the target amounts.
The report, Will we ever summit the pensions mountain?, from the pensions investment company Royal London, where Webb is director of policy, assumes that the average person will need to […]
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