Producing post-tax annual income of £41,000, including the state pension, would mean an initial pot of around £757,000 to buy a joint-life annuity or £442,020 invested in income drawdown.

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Currently, Britons have to wait until they reach 66-years-old to draw their state pension. For people born after April 5 1960, there will be a phased increase to 67, and eventually it will increase to 68-years-old. The state pension age is going to be kept under review, which means that it will change again in the future.

The Centre for Social Justice (CSJ) is suggesting changing the state pension age to 70 by 2028 and to 75 by 2035 as people are living longer.

Many people look forward to claiming their state pension so they can retire or reduce their working hours. However campaigners claim increasing the state pension age may leave some people struggling financially.

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