“It’s not just about what you have in the bank today, it’s about the real value of that money when you retire. If you’re earning £50,000 today and you think £1 million will be enough to sustain that lifestyle, you need to consider inflation.”

“In 20 years’ time, with inflation running at 3.5%, you’ll actually need £2 million just to have the same spending power that £1 million gives you today.”