Pension and property shock: If you rent, you'll need a big retirement pot for a 'moderately' comfortable lifestylePeople who end up renting in retirement will have to save staggering sums to fund modest accommodation and living costs, a new study has found. It would take a pension pot of £269,000 alone to generate around £9,500 per year, the median or 'middle of the pack' rent on a two-bedroom property in the UK. That is based on different baskets of goods and services like food and drink, transport, holidays, clothes and social outings, compiled in the annual Retirement Living Standards report from the Pensions and Lifetime Savings Association. 'Our research suggests that the pension pot needed by someone who has to pay a regular rent out of their retirement savings will require a pension pot well beyond the reach of most ordinary people. 'It is not only renters who may still have to fund housing costs in retirement.

Source: Daily Mail May 16, 2023 09:18 UTC