Do you live above the bread, butter and jam line?
What level of income is needed for an acceptable standard of living?
According to the recent Joseph Rowntree Foundation Minimum Income Standards Report 2012, a pensioner couple needs a weekly budget of £213 to meet a minimum income standard (£12,000 a year) this according to the report would allow them to participate fully in society.
Personally I would say it is impossible for a couple to participate fully in society (figures meant to include an occasional meal out as well as annual holiday) on £213 a week.
Food bill £60 a week for two? Household fuel bill £13 per week. What do you think? Also I can't see a figure for community charge.
Based on the Rowntree Report the Investors Chronicle calculates the minimum you really need to put aside for a retirement that meets minimum standards is £400,000 HERE