UK savers drastically underestimate pension needs

According to Alico's Financial Pressure Points research, respondents feel they need a retirement income of £33,070 per year, a sum which requires a woman of 65 to have saved £537,900. Most respondents to the survey, however, think they only need to save £256,750 on average to retire comfortably. The majority of Britons have in fact saved only £168,060 at the point of retirement. For a woman of 65, this sum would pay out just £10,908 per year: under a third of the average desired income. Jon Sadler, head of retirement solutions at Alico, says: "Our research shows that there is a gul...