Retirees will need £470,000 saved if they want to have a comfortable retirement and sufficient funds to cover care costs, which have risen due to inflation, according to analysis from Quilter.
The Pensions and Lifetime Savings Association's Retirement Living Standards definition of a comfortable retirement is £360,000 for a single person, including the full state pension and lasting from ages 65 to 81. PLSA update the standard on a regular basis and its latest research to update them was in 2021 and included the impact of Covid-19 on retirement expectations. However, the current figures do not take into account the current steep rise in inflation. Quilter used this figure along with care home fee averages from LaingBuisson, a healthcare market intelligence business, adapted...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
