How much for a happy retirement?
New research from LV= has set the figure at £225,000, for an average 17-year retirement.
However, their research, conducted on over a thousand adults aged 60 to 65, suggested over 300,000 have no retirement savings. With the full basic state pension at currently £5,727 a year (2013/14) the report estimates these people may have a £106,000 retirement gap.
Some of the costs of a happy retirement break down like this:
- £752 a year on holidays abroad
- 364 hours a year with grandchildren, spending £249 on gifts for them
- 312 hours and £1,716 a year socialising with friends
- 468 hours and £480 a year on hobbies
LV='s research found that over a quarter of 60-65s don't know the value of their pension pot. If you're not sure how much you've saved, why not contact your pension provider and ask for a statement? If you find that your pot won't give the income you were hoping for, you may be able to start doing something about it now before it's too late.
If you've lost track of your pension pots, it's a good idea to start tracking them down as soon as you can.
To read more about tracing a lost pension, click here.
You can also talk to us about any pension-related matter. Please contact us using one of the following methods.