Millions hitting retirement with just £3,650 a year – here’s how much you really need

Millions of Britons face retiring with far less private pension income than they will need in retirement. We explain how much you need to retire

Pensioner couple look at finances in their retirement as they sit at kitchen table.
(Image credit: MoMo Productions via Getty Images)

Nearly 9 million people in the UK will enter retirement with between just £3,650 and £6,750 a year in income from a private pension, according to a new report, leaving many struggling to pay essential bills.

The figures mean this group must manage on between just 43% and 80% of the amount those with the national average for an annual private pension, which is £8,500, get to live on.

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Laura Miller

Laura Miller is an experienced financial and business journalist. Formerly on staff at the Daily Telegraph, her freelance work now appears in the money pages of all the national newspapers. She endeavours to make money issues easy to understand for everyone, and to do justice to the people who regularly trust her to tell their stories. She lives by the sea in Aberystwyth. You can find her tweeting @thatlaurawrites