A comfortable retirement could involve making some difficult choices such as selling the family home in order to downsize. According to a recent report UK adults would like their annual income in retirement to be £39,773 to be secure, this is up from £26,184 in 2016. The average size of a pension is up 7% over two years, however at current low annuity rates, a pension pot of £600,515 after the State Pension of £8,546 per year, £31,226 per year extra would be needed. Looking at ways to close the gap in savings could be helped by seeking professional financial advice.
