The Pensions and Lifetime Savings Association (PLSA) has 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 £14,400 each year as a minimum income, £31,300 for a moderate standard of living and £43,100 to be comfortable. For couples, the equivalent numbers are £22,400, £43,100 and £59,000 each year.
The PLSA has a website where you can explore this in more detail and see what life in retirement could look like.