Published On: Tue, Dec 24th, 2019

State pension age: Warning as pension savings plummet for those near retirement | Personal Finance | Finance

This figure has more than halved from £20,700 in 2014-16, Equiniti said.

Other age groups also saw declines in their median pensions savings in this reporting period from the Office for National Statistics (ONS).

However, Equiniti said they were “far less startling, especially given younger age groups will still have many more years in their accumulation journey”.

The Pensions and Lifetime Savings Association has launched Retirement Living Standards in an effort to help people picture the kind of lifestyle they want during retirement, as well as to understand its cost.

For a minimum lifestyle, which has factored in a holiday in the UK as well as the ability to eat out once a month and do some affordable leisure activities about twice a week, is estimated to cost £10,200 per year for a single person and £15,700 for a couple.

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