Inflation has pushed a comfortable retirement further out of reach for many savers, who now need to build a pot of nearly £600,000 to achieve financial freedom, new research reveals.
The rising cost of living requires an extra £4,200 a year to maintain the same lifestyle as in spring last year.
And you have to save another £69,000 to generate that amount of annual income, the study shows.
II used the influential living standards research by finance industry group the Pensions and Lifetime Savings Association, which calculates how much people need to save for a basic, moderate and comfortable retirement.
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.