The UK state pension will unlikely be enough to live off in retirement, which is why it’s important to save into a personal pension too.
You currently need an average income of £23,300 a year to have a moderate standard of living in retirement. That’s an increase of 12% compared to last year to reflect the rising cost of living, according to the Pensions and Lifetime Savings Association.
But how much should you have in your pension to draw down that amount of income?
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