One of the most common regrets that retirees have is not saving enough money and leaving it late in their career before starting to save. A survey earlier this year showed that half of those over 50 regretted not saving into their pension sooner. The research also revealed that 39% underestimated how much they would need to live a ‘comfortable’ retirement and mistakenly believed that between £10,000 and £20,000 per year would be enough. In 2021, an in-depth survey by consumer champions Which? calculated that couples, on average, would need a pot of around £155,000 alongside their state pension to produce an annual income of £26,000 via pension drawdown for a ‘comfortable’ retirement. That’s around £265,000 through a joint life annuity.
By ‘comfortable’ Which? means having just enough to cover everyday cost of living expenses, as well as regular short-haul holidays, recreation and leisure, plus tobacco and alcohol if the couple smoke and/or drink.
STM Group plc (LON:STM) is a multi-jurisdictional financial services group listed on the Alternative Investment Market of the London Stock Exchange. The Group was formed as a strategic investment company specifically to build a leading financial services group originally operating in the international corporate and trustee service provider (CTSPs) sector.
