"There's no chance of retiring for at least a decade," said Nancy, who has been working in minimum wage, part-time, roles for a property company since she was made redundant 12 years ago from a job in local government management. "I'm still renting, there's no security. I've only been able to find badly paid temp work, and had to stop paying into my private pension."
She added: "My rent is £700 a month, and will go up in April. I now pay £300 a month just for gas and electricity. I will quite possibly never retire, it's that simple really." Nancy is one of dozens of people who have told the Guardian why they need to delay retirement for financial reasons. Many cited being unable to save enough, or at all, for long stretches of their working lives, while others said their carefully planned retirement finances had failed to keep up with the soaring cost of living, meaning their pension pots were now insufficient to keep them financially afloat once retired.
Figures issued by The Pensions and Lifetime Savings Association on Wednesday indicated that the estimated amount of money needed to enjoy a "moderate" standard of living in retirement had jumped by £8,000 - or 35% from £23,300 a year ago for a single person to £31,300, due to the cost of living and behavioural changes.
New calculations from Quilter, the wealth manager and financial adviser, suggest that for a single person to achieve a "moderate" lifestyle in retirement, a pension of pot of £459,000 is needed.
Andrew, a 60-year-old university lecturer from Hampshire, was able to save what initially looked like a sufficiently large pension to retire with, but now, like many others nearing retirement, has doubts about whether it will be enough.
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