Average person will need £260,000 for retirement, says report

Younger workers without own property will have to save much more to enjoy a basic income

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.

Continue reading…
Source: the guardian
Average person will need £260,000 for retirement, says report