Over 50? It’s not too late to start saving in a pension
The secret to a financially happy retirement? It’s £26,000 a year for a couple or £19,000 for a single-person household. That was the headline finding from research this week by Which?, the consumer body, which surveyed almost 7,000 retirees and concluded these were the average annual incomes needed for a comfortable retirement.
Which? included state pension income in its calculations (£16,000 a year for the couple and £8,000 a year for the single person is assumed), with the rest presumably having to come from other pensions.
But many people are not putting away nearly enough to build up a pension pot that will produce a decent retirement income, and the coronavirus pandemic has exacerbated these problems by putting a huge strain on
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