British Millennials

Jamie Smith: A comfortable retirement may cost £100,000 more than savers estimate

Speaking to the Daily Express, Jamie Smith, financial adviser at Foster Denovo, says savers may be underestimating the amount they need for a comfortable retirement.

According to research carried out by Foster Denovo, more than two thirds of savers don’t know what their pension pots are due to be worth when they retire.

Despite this lack of awareness the majority of savers (64 percent) still believe that they will have enough to retire on.

Research carried out by the consumer group Which? estimates that for a comfortable lifestyle in retirement, the average Briton would need £215,450.

However, responses to Foster Denovo’s research suggests that £125,750 is the average amount believed to be needed for a comfortable retirement.

This combination of potentially misplaced confidence and savings disparity is discussed in more detail on the Daily Express.