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Over-55s reveal target for retirement

People approaching retirement believe they need an average pot of £114,436 to feel comfortable for the rest of their lives.

SunLife asked more than 1,000 over-55s how much they would need to fund a comfortable retirement on top of any income they already receive.

Responses varied depending on the age of respondents, with those yet to retire citing a higher average target figure than those who are older.

Understandably, the average respondent in the 55 to 59 age bracket believed they would need £180,741.

In contrast, those in their 60s cited an average target of £101.811 and septuagenarians thought £93,801 would be enough.

The majority (82%) of respondents owned their homes outright, and 62% of those said they categorically did not want to downsize.

Simon Stanney, director at SunLife, said:

"This is a generation that are generally property rich and cash poor due to a healthy increase in the value of their homes, but inflation eating away at pension pots and increased living costs."

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