Could your pension run dry? Retirees want £21,000-a-year to spend – but two-thirds are warned their pension pots could run out
- Many people who retired during lockdown could end up hard up for cash
- Retirees need a pension pot of around £390k and the state pension, SLA says
- Rising inflation means people look set to need even more cash in future years
- But, some like Charles Wood, 65, are enjoying working in retirement
- Are you looking for financial advice? Find a financial adviser service
Two-thirds of people retiring now are at risk of running their pension pots dry as they grow older, new research claims.
On average, retirees aim to spend around £21,000 a year in their retirement, which is nearly £10,000 less than the average household annual income across the country.
Investment firm Standard Life Aberdeen says a retiree would need a pension pot of around £390,000 on top of their state pension income to cover a £21,000 a year spend over the course of a…