This will likely depend on your expectations; someone who wants to maintain the same standard of living as they had in their working life will need to ensure their pension pot has the funds to suit, and likewise, someone who fully expects to rein in the spending a bit may not need such a significant sum. Yet this will also depend on things like whether you’ll still have a mortgage to pay in retirement; it’s important to plan ahead, taking care to calculate all of your expected retirement outgoings, so you can determine how much you’ll need to live off and make the necessary investments accordingly.