Longer life expectancies, higher cost of living and collapsing annuity rates mean careful planning is needed to make even substantial pension pots last.
According to the Pensions and Lifetime Savings Association, a single pensioner needs an average of £10,900 a year to live a “minimal” standard of living in retirement. To achieve a “moderate” standard of living, a pensioner will need an average of £20,800 a year.
In reality, most savers are far from reaching this level of retirement income. According to advisory service Profile Pensions, the average pension pot is £68,014 after a lifetime of savings.Meanwhile, the average saver has […]