My Pension Expert: Income needed in retirement increases

February 7, 2024

In light of the latest Pensions and Lifetime Savings Association (PLSA) data finding that a single person will need £8,000 more a year for a moderate income in retirement, please find comments from a pensions expert.

Lily Megson, Policy Director at My Pension Expert, said:

'Retirement is becoming more and more expensive, and the cost-of-living crisis has greatly accelerated this trend. The unfortunate outcomes for millions of Britons is either having to delay their retirement, settling for a more austere retirement lifestyle, or sadly, in some instances, having to come out of retirement to top up their savings.

People should not work for the majority of their adult lives only to then be left walking a financial tightrope in retirement. But if more is not done to help consumers prepare for retirement, then this fate will remain commonplace.

We need cross-party collaboration within government, with a focus on improving financial education and making financial guidance and advice far more accessible. Knowledge is power, and people have to be equipped to properly prepare for retirement from the start of their working lives.

The Pensions and Lifetime Savings Association's data should be a wake-up call to jolt MPs on both sides of the House into action – policies must be introduced to support Britons in their bid to achieve financial security in their later life.'