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Gen Z will ‘need at least £3m’ to retire comfortably
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City AM
Gen Z will ‘need at least £3m’ to retire comfortablyRathbones said it was “shocking” that Gen Z needed to stockpile so much money to retire comfortably (AI-generated image)People in their 20s will need at least £3m pension pot if they want to enjoy a comfortable retirement, a fresh study has shown, throwing into sharp relief the corrosive impact that inflation has on savings.
According to an analysis from Rathbones, a 25-year-old today will need a pension pot of £3.1m if they want to live comfortably for quarter of a century after retiring at 65.
For a two-person household in which both Gen Z individuals are aged 25, the figure needed for a comfortable retirement rises to £4.3m, Rathbones said.
Gen Z savers would need £947,700 to live a ‘minimum’ lifestyle.
Williams added that wealth managers were increasingly seeing the ‘Bank of Mum and Dad‘ step in to top up their Gen Z children’s pension pots with gifts or by setting up junior SIPPs.