Key facts
- Three-quarters of workers are not on track for a moderate retirement income.
- A moderate retirement lifestyle costs £32,700 per year for one person.
- A moderate retirement lifestyle costs £45,400 per year for two people.
A recently published report highlights concerns regarding retirement savings, suggesting that a significant majority of workers are not on track to achieve a moderate lifestyle in retirement. The report estimates that a moderate retirement income requires £32,700 annually for a single individual and £45,400 per year for a couple. This indicates a substantial shortfall for approximately three-quarters of the workforce. Analysis suggests that a 'moderate' or 'comfortable' retirement now requires 'significant' pension savings.