Pension: Warning as average £390,000 plus state pension needed for retirement | Personal Finance | Finance
The moderate level provides more financial security and flexibility, and is estimated at £29,100 for couples, and £20,200 for a single person.
Whereas those who want what is deemed as a “comfortable” retirement, with more freedoms and luxuries, will need £47,500 if in a couple, and £33,000 if alone.
John Tait, Retirement Advice Specialist at Standard Life Aberdeen, commented on the matter.
He said: “According to our research, almost one in five retirees say they plan to rely on one form of income in retirement.
“Pension pots are without a doubt the most popular option for that, but it’s so important retirees weigh up any other savings or assets when making the decision of whether they can afford to retire.
“Alongside any private or workplace pensions, they’ll also receive a state pension.