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How much do you need to retire?

A report by MGM Advantage claims that the average couple in the UK will require £600,000 to be able to enjoy 20 years of retirement. While there is a large variation in the cost between the South and the North of England, with London couples said to require £194,602 more than their northern counterparts, it will come as a shock to many in the UK.

The report also suggests that the cost of living in the UK also varies dramatically with those living in the north-east of England enjoying a 16% lower cost of living than the national average. The detailed publication by MGM Advantage also makes a rather concerning suggestion regarding the possibility of people relocating en masse from the more expensive areas of the UK to the less expensive areas in the future.

Even though this is only one of many similar surveys published over the last few years it does show how the cost of retirement in the UK continues to rise. There is no way that the average couple in the UK will be able to lay their hands on £600,000 in their retirement which begs the question, how will they be able to fund their later years?

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