“Thanks to this fact, and because they no longer need to set aside amounts for saving inside and outside a pension, the annual income they would need to produce £2,933 a month to spend would drop from £60,000 to around £41,000.
“And, of course, they will be receiving a state pension, the full entitlement of which amounts to £9,627 a year in 2022/23.
“So – the amount they have to generate from their own retirement savings income (not including state pension) to leave with them the same amount to spend each month would be a little over £31,373.
“This is a little more than half their £60,000 pre-retirement salary.”
