Do You Want To Retire comfortably? Than You Must Budget $900,000

The money needed for a couple to retire comfortably for 20 years has gone up by 30% in 5 years.

It means each pensioner who wants to retire comfortably needs an income more than double the basic state pension just to cover everyday costs such as food, petrol and clothing.

The annual expenditure is a third higher than five years ago, with retiring workers hit by a double whammy of falling income from their pensions and rising costs.

Wealth experts say: “Millions of people are sleepwalking into an impoverished old age. You can’t expect to spend twenty or thirty years in retirement without stashing away a substantial amount of money while you are still working.”

Only the very wealthy and those in the public sector with generous gold-plated schemes can guarantee a financially secure retirement, experts said.

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