While the new state pension only pays a maximum of £11,502 a year and many on the basic state pension get much less it would be hard to replicate this from your resources.
A pensioner who uses their combined pension pots to buy an annuity at retirement would need a staggering £223,434 in savings to generate the same level of income, according to new research from fund manager Fidelity. In fact they would need even more than that because people typically buy an annuity with the money that remains after taking their 25 per cent tax-free cash.
Someone who did that would need a pension of £297,912 to replace a £11,502 state pension. Yet the average saver aged between 55 and 64 has only £107,300 in pensions, according to the Office for National Statistics, leaving them way short.
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Denne historien er fra June 12, 2024-utgaven av Daily Express.
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Vaughan hungry to lift his curse
WOLVES PROP READY TO PUT HEARTBREAK ASIDE
Harry's very game
CHAMP CLOSING ON RETURN
"Titanic sub boss avoided stringent US regulations'
Doomed CEO in 'bribes' brag
Drug trial has shrunk my breast cancer tumours by 65 per cent
A MOTHER with an ultra-aggressive form of breast cancer has seen her tumours shrink by around twothirds thanks to a groundbreaking trial of drugs at a UK hospital.
THE QUEEN UNSEEN
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French mayor in hiding amid fury at comments on mass rape trial
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Massive air strike targets Hezbollah HQ and leader
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'Sixty survivors of abuse by AI Fayed'
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