The amount required to reach a comfortable level of living during retirement has reached its highest ever level. As a rule of thumb 70% of what you earn in the peak of your career is needed to maintain a comfortable standard of living. It is estimated that 51% of people are expecting to completely rely on their State Pension to fund their retirement and 20% of people say they’ll never be able to afford to retire. Auto-enrolment into workplace pensions alone won’t avert a pension crisis in the UK. Seeking professional financial advice could help you to plan for your retirement.
