Fidelity Investments also bases its savings-to-salary ratio on age. The firm recommends that individuals age 60 have 8 times their pre-retirement income saved.

Research by investment platform Hargreaves Lansdown suggests someone retiring age 60 would need a pot of around £615,000 to generate £31,500 of income through an annuity.

It’s never too early to start putting your money to work for the future - but which product would serve you best?

The DWP is set to review the state pension age prematurely. As it stands, state pensioners are born before 1959, being 66 ...

Most 60-year-olds are coming up short Going by our "eight times salary" rule, the average 60-year-old should have roughly $500,000 socked away for retirement.

Simple strategies to increase your savings By age 60, you may not have decades left to save for retirement. While that makes it more challenging, it's not impossible to save more.