New research shows how much you'd need to save before you can comfortably retire

Cash savings

We won't beat around the bush or get you excited over the prospect of quitting your job tomorrow - unfortunately, it looks like we're not going to be able to comfortably retire anytime soon.

The dreaded figure that you need to have saved up in your piggy-bank before you can retire and maintain your current lifestyle is... £300,000 (according to new research by Aegon). 

Let's say you're on an average annual salary of £27,000, you need to aim to save that daunting six-figure sum above if you want to maintain your current lifestyle.

If you're earning a higher salary of £56,000 and want access to the same luxuries it provides, the research found you would need a whopping £612,700 in order to retire comfortably, while those taking home £13,000 a year need £64,300 in the bank. 

A recent Government evaluation of automatic enrolment into workplace pensions estimated a staggering 12 million people are currently under-saving for their retirement. 

More details from the Mirror