Savers can draw down target retirement income for just 11 years

The report highlighted the lack of savings reality versus retirement income expectation faced by retirement savers across the UK, which can be as much as 35%. The report, released today (8 May), found the average personal ‘target' pension pot for retirement is £253,701, however, the average ‘target' for personal annual income in retirement is £30,050 (up from £25,679 in 2023). The report said that given that the average age respondents expected to retire was 65.7 years, the "reality is that a pension pot of £253,701 would likely provide a target income of £30,050 for just 11 years". ...