If you're in a relationship and thinking about the future, this is important information! In order to enjoy a comfortable retirement together you should be saving at least £131 per month if you're in your 20s, a new Which? report has found. Meanwhile those who have left it until their 40s to start saving should be putting aside £338 a month if they want to comfortably cover their household essentials such as utilities, transport, food and housing costs.
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The survey by the consumer group found that on average retired couples need £18,000 a year to cover essential household costs, increasing to £26,000 to cover extra expenses such as leisure activities and holidays. Should you be aiming for a luxurious retirement filled with exotic holidays, new cars and other treats, couples would require an annual income of £39,000 from their pension.
Couples should start saving as early as possible for a comfortable retirement
To generate an annual combined income of £26,000, a couple would need a defined contribution (DC) pension pot of £210,000 alongside the state pension, which is currently £159.55 a week. To generate this amount this equates to £131 combined savings per month from the age of 20, while those who have waited until their thirties to start saving would have to put aside just under £200 a month to reach the "comfortable" retirement income.
Left it a little later to start saving? Couples should consider saving at least £338 a month if they start saving at the age of 40, while those over 50 should save a little over £600 a month for a happy retirement.
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Gareth Shaw, money expert at Which? said: "When it comes to saving for your retirement: start early and save often. Being a part of your company pension scheme is a good start, but, depending on how much you contribute, you could well need to save a little more to have the lifestyle you want in retirement."
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