Pensions: how much money do you need for retirement?

The costs go way up for pensioners who want extra luxuries like a three-week holiday in Europe

An older couple in a convertible car driving on a road in the sunshine
The cost of living crisis has made deciding how much you need for retirement more complicated
(Image credit: Thomas Barwick / Getty Images)

Older savers withdrew more than £10bn from their pensions last year and may need even more as the cost of living crunch continues.

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Marc Shoffman is an NCTJ-qualified award-winning freelance journalist, specialising in business, property and personal finance. He has a BA in multimedia journalism from Bournemouth University and a master’s in financial journalism from City University, London. His career began at FT Business trade publication Financial Adviser, during the 2008 banking crash. In 2013, he moved to MailOnline’s personal finance section This is Money, where he covered topics ranging from mortgages and pensions to investments and even a bit of Bitcoin. Since going freelance in 2016, his work has appeared in MoneyWeek, The Times, The Mail on Sunday and on the i news site.