Exact amount you REALLY need for a comfortable retirement including holidays abroad
That's almost 10 times more than the average UK pot size of £37,600 for people age 55.
If you think you'll still have those costs to meet when you retire, you'll need to up your savings considerably.The PLSA's minimum retirement living standard covers all of a retiree’s basic needs as well having some money left over for fun. That might sound intimidating but it’s important to remember that the state pension will make up part of that income.at 66, though if you're retiring after 2026 you'll almost definitely see that minimum age rise.Those claiming the full flat rate state pension now receive £203.85 a week, equal to £10,600 a year.and would receive a smaller state pension to reflect that.
This includes a three week holiday, plenty of money to spend on clothing and more money to spend on social activities such as birthdays.Even to live at the minimum standard, you'll need to save extra into your pension.is nearly £2,000 less than you need a year, so topping up your contributions to your workplace scheme is a good idea.
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