The Pensions and Lifetime Savings Association (PLSA) ‘Retirement Living Standards’ help savers think in a practical way about the kind of lifestyle they might lead in retirement.

The PLSA have updated their standards in line with rising healthcare, food and fuel prices and the need to provide extra financial support to family. 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. 

These figures represent the amount of expenditure required to achieve a given living standard. You may need to add other costs depending on your circumstances, such as mortgage, rent, social care costs and any tax on pension income.

The PLSA has a website where you can explore this in more detail and see what life in retirement could look like.