Financial experts have suggested that Britons could be set for a 'comfortable' retirement if they put away an average of £275 per month into their pension from the age of 22.
Rotimi Merriman-Johnson from Mr MoneyJar has proposed that consistently investing this amount each month could result in a retirement pot of £560,000 by the time one reaches 67. This substantial sum is based on an average annual return of five per cent and is a staggering £20,000 more than the current minimum pension pot recommended by The Pension and Lifetime Savings Association's (PLSA) 2025 Retirement Living Standards.
The good news is that not all of the £275 would need to come directly from the individual's own pocket.
Under the Pensions Act 2008, every employer in the UK must enrol eligible staff into a workp