People approaching retirement believe they need an average pot of £114,436 to feel comfortable for the rest of their lives.

SunLife asked more than 1,000 over-55s how much they would need to fund a comfortable retirement on top of any income they already receive.

Responses varied depending on the age of respondents, with those yet to retire citing a higher average target figure than those who are older.

Understandably, the average respondent in the 55 to 59 age bracket believed they would need £180,741.

In contrast, those in their 60s cited an average target of £101.811 and septuagenarians thought £93,801 would be enough.

The majority (82%) of respondents owned their homes outright, and 62% of those said they categorically did not want to downsize.

Simon Stanney, director at SunLife, said:

"This is a generation that are generally property rich and cash poor due to a healthy increase in the value of their homes, but inflation eating away at pension pots and increased living costs."

Talk to us about retirement planning.

Williams Financial Planning Limited logo

Subscribe To Our Newsletter

Join our mailing list to receive the latest news and updates from our team.

 

By submitting your details you agree to receive email marketing from Williams Financial Planning and have read and understood our Privacy Notice. You can withdraw your consent or change your preferences at any time by emailing us or by clicking the link at the bottom of every email we send you.

You have Successfully Subscribed!