The Government’s decision to scrap the triple lock this year means pensioners get an increase of just 3.1 percent, while inflation heads to 6 or 7 percent. Those who retired under the old State Pension, before April 6, 2016, have even more reason to feel aggrieved.
They will get a maximum State Pension of just £7,376 a year, plus any second State Pension or Serps entitlement on top.
This is well below the £10,900 a year a single pensioner needed to enjoy the bare minimum retirement living standard in 2021, while couples required £16,700, according to the UK Retirement Living Standards survey.
To get the most out of your final years, make sure you qualify for the maximum State Pension, by making 35 years of qualifying National Insurance contributions.
You can further top up your state entitlement by building a nest egg of pensions and other investments in your own name.
If you could save enough to generate a further £10,000 a year, retirement might start to look a bit more fun.
So how much do you need in company and personal pensions, and other investments such as tax-free Isas?
To…