20% believe they can retire on £50,000 or less

In it’s latest Lasting Lifestyles report, compiled by the Future Laboratory, Friends Provident says while most people think £50,000 would provide a comfortable retirement in reality it would only provide £44.24 a week after tax, just over a quarter of the minimum wage. At the moment somebody earning the minimum wage of £5.05 an hour and working an average 37.2 hours a week earns £162.80, which is £118.56 more than a pensioner living off a retirement fund of just £50,000. The report points out the fund would provide an average daily allowance of £6.32, which it says is just enough to buy...