High earners underestimate how much they need to retire comfortably

High net worth individuals grossly misjudge how much money they need for a comfortable retirement, new data shows, with many not saving enough.

Older man looking at his pension savings with a piggy bank on the table
(Image credit: Milan Markovic via Getty Images)

The UK’s rich are underestimating how much they need to put in their pensions in order to have a comfortable retirement by almost £1 million.

High net worth individuals (HNWI), defined in this instance as those with over £250,000 in liquid wealth that could be managed or invested, believe they will need an individual pension pot of just £660,000 to retire comfortably, when in reality they will need at least £1.5 million, new data from Saltus shows.

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Daniel is a digital journalist at Moneyweek and enjoys writing about personal finance, economics, and politics. He previously worked at The Economist in their Audience team.

Daniel studied History at Emmanuel College, Cambridge and specialised in the history of political thought. In his free time, he likes reading, listening to music, and cooking overambitious meals.