Single retirees need £50,000 in savings to cover a £2,897 yearly shortfall, while couples on full state pensions meet the £22,400 minimum and have £604 extra, according to Just Group.
According to the analysis, with a full state pension of £11,502 per year, a single person falls £2,897 short of the £14,400 minimum income needed for a basic retirement. Meanwhile, couples receive enough to cover their needs and have £604 extra left over.
Just Group group communications director at retirement specialist Stephen Lowe says: “The figures reinforce the importance of building up some private pension savings or other investments while you are working and then using them wisely when you reach retirement.”
“Small pension funds tend to be seen as a problem that many people solve by withdrawing the money the first chance they can.
“For many people those small pension funds will make the difference between not quite having the spending power to reach the minimum retirement living standard or being able to surpass it and enjoy more treats.”
