A survey of 7,000 retirees by consumer organisation Which? estimates those looking for a comfortable retirement need a pension pot of between £192,000 and £305,000 depending on whether they use pension drawdown or an annuity. In terms of income this equates to £19,000 per year to live comfortably when retired.
The study found retirees spend £18,000 on essentials, such as groceries, paying rent or a mortgage, transport costs, utility bills , insurances , shoes and clothes and health products. The study defined a comfortable retirement as including the essentials plus short-haul holidays, recreation and leisure activities, alcohol and tobacco and […]
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