Workers need to have a nest egg of at least £645,000 if they want a comfortable lifestyle when they retire, new figures show.
A single person would require an annual income after tax of £26,700 on top of the full state pension, according to a report from the Pensions and Lifetime Savings Association. This would fund three weeks holiday in Europe each year, a £144 weekly budget for food and £56 on birthday presents.
Add in that state pension and we’re over £32k. Which is median full time income. So that definition of “comfortable” is perhaps more than a bit too high?