British adults have said that the average amount needed to maintain a comfortable standard of living during their retirement is £25,783.87 per year net of taxes, according to a new survey from Towry, the wealth adviser.
In order to achieve an annuity paying out £25,783.87 after tax, a non-smoking male looking to take his annuity from age 65, would need to have a retirement fund of £616,400 – a fund they need to create during their working life on top of their personal outgoings and other expenditure such as property, costs of raising children and regular bills. This example does not take into account any additional income they would receive through state pension.
The study has also shown that only 27 per cent of over-55s have already achieved a level of savings that they are confident will comfortably fund their retirement. Seven per cent were actively considering delaying their retirement due to perceived lack of funds.
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