How much is needed for a comfortable retirement?

The average inheritance for over 55s is a lump sum of £75,000, according to SunLife, but how much is needed to feel comfortable in retirement?

SunLife surveyed more than 1,000 homeowners over 55, and found that 46% have received an inheritance. The average amount respondents inherited was £74,816, but 17% received more than £100,000 and one in 50 were left more than £400,000.

The age group most likely to have received an inheritance are the over 70s; half said they had been left money; the average amount was £73,488.

Amongst the 60-69s, 44% had received an average inheritance of £74,255. While the 50-59 age group was the least likely to have received an inheritance (40%) the ones that had received the most on average – £79,252.

Despite receiving these lump sums, the respondents questioned by SunLife felt that they would need an extra £184,484 (on top of their current income and savings) to feel “comfortable” in retirement. This figure is no surprise.

A recent survey by consumer watchdog Which? in July of this year, found that couples would need to generate an income of £42,000 a year to have a ‘luxurious’ retirement that includes long-haul holidays and new cars – this would equate to a pension pot in excess of £500,000

That’s why seeking financial advice about creating an income for retirement is key and we can provide the calculation using our world-class financial planning software