‘Essential’ retirement - £18,000 (pot size of £47,325 for annuity £28,810 for drawdown).How much you need for retirement - a two-person household ‘Essential’ retirement - £13,000 (pot size of £123,365 needed for annuity £77,350 for drawdown).‘Comfortable’ retirement - £19,000 (pot size of £305,170 needed for annuity £192,290 for drawdown).‘Luxury’ retirement - £31,000 (pot size of £671,000 needed for annuity £422,140 for drawdown)."Our research shows that most people will need to be putting away significant sums if they want to ensure they can enjoy a comfortable retirement - but many do not have access to the clear and accessible information they need to help them plan." How much you need for retirement - a single-person household Jenny Ross, Which? Money editor, said: "For many people, the events of the past year will have caused them to rethink their retirement plans and brought the amount of money needed for later life into sharper focus. People looking to find out more about their options may want to consider approaching the Government-backed Pension Wise service for free guidance or paying for independent financial advice from someone who is suitably qualified. The calculations for pension drawdown were based on the saver drawing off all of their income over 20 years from the age of 65 and also making certain assumptions about investment growth, inflation and charges.
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