The Pensions and Lifetime Savings Association launched ‘Retirement Living Standards’ to help people picture their future retirement and understand what they need to save to achieve it.
As you will have seen your expenditure increase over the last year by almost 20%, the PLSA have updated their standards in line with high inflation and rising food and fuel prices. They now suggest a single person will need £12,800 each year as a minimum income, £23,300 for a moderate standard of living and £37,300 to be comfortable. For couples, the equivalent numbers are £19,900, £34,000 and £54,500 each year.
You can see what life in retirement could look like at: www.retirementlivingstandards.org.uk