According to the Joseph Rowntree Foundation, someone retiring on the new flat-rate state pension of £144 per week needs to have £270,000 in pension funds when they retire in order to have a minimum standard of living, which they define as an income of £16,400 a year.
While that sounds a hefty challenge, it is in fact well within the reach of younger people if they sign up to a regular savings scheme and increase their contributions in line with their earnings.
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