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Retired tenants will need £445,000 pension pot

Pension savers who will still be paying rent in retirement will need a pension pot as high as £445,000 to avoid falling living standards, according to research from Royal London.

The analysis suggests that savers will need to build up a retirement income equating to two-thirds of their gross wages to maintain their standard of living.

Using this guideline, the report found that while an average earner will need a pension pot of around £260,000 to afford a comfortable retirement, those renting will need to save an additional £185,000.

This comes after separate research from the Department for Work and Pensions, which showed that people aged 35 to 54 are twice as likely to be renting than the same age group 10 years ago.

Helen Morrissey, personal finance specialist at Royal London, said:

"If our retirement pot is going to support us through a longer retirement and in an era of lower interest rates, we are going to need to build a much bigger pot than in the past.

"For those unable to get on the property ladder during their working life, a large private rental bill needs to be factored in to retirement planning.

"For all of these reasons, we cannot afford to be complacent about current levels of retirement saving."

Contact us to discuss your pension savings.

Why Clients Choose Easy Accountancy

Easy Accountancy offers a low cost, fixed fee accountancy package with all clients receiving their own dedicated, friendly, approachable accountant.

All of our accountants specialise in providing accountancy services to the self-employed, freelancers, sole traders, small to medium sized limited companies and private individuals. All accountants are employees of Easy Accountancy and we never outsource or offshore work.

Our low cost, all-inclusive fixed-fee accountancy service includes unlimited access to your own dedicated accountant throughout the year and covers all your business and personal tax affairs needs.

All our accountancy services include:
  - Unlimited access to your accountant
  - Ongoing advice on how to manage your business
  - Proactive tax advice throughout the year
  - Updates and reminders so you'll never miss a deadline
  - Free bookkeeping software

As a sole trader our fees start at just £60 + VAT a month, for this you receive the above plus:
  - Completion of your Self-Assessment tax return
  - Advice on how much Income Tax to pay
  - Guidance on National Insurance contributions

As a limited company our fixed fee packages are bespoke to your needs, however typically you’ll receive the above, plus:
  - Completion of your year end accounts*
  - Completion and submission of your annual return Companies House
  - The director/s Self Assessment tax return
  - Payroll bureau
  - Dividends and corporation tax computations

We’ve saved our clients up to half on their accountancy bills – if you’d like a quote, click on the quote me button to the right of this page. Alternatively, call us on 01442 275767 or email newbusiness@easyaccountancy.co.uk.

*If you would like us to complete your company year end accounts we simply ask that you have been a client of Easy Accountancy for one year or have made 12 monthly payments.