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...
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