Retirement income expectations have fallen over the past two years

The poll of 1,507 consumers found the average individual anticipates needing £18,000 a year or £1,503 a month after tax. This compared to £27,000 a year or £2,329 a month in 2010. "The drastic drop in the forecasts of how much money people think they will need suggests that the days of overblown extravagance are over and people can be considered to be more realistic about the lifestyle they will be able to afford in retirement," says Craig Phillips, principal at CoreData Research UK. CoreData has said this sum is just £2,400 above the minimum income standard - the amount a person woul...