Author
Alice Smith
Published
23rd December 2020
Alice Smith
23rd December 2020
The Pensions and Lifetime Savings Association (PLSA) has published a new set of ‘Retirement Living Standards’ to help us all picture what kind of lifestyle we might have in retirement and what it might cost.
The Pensions and Lifetime Savings Association (PLSA) has published a new set of ‘Retirement Living Standards’ to help us all picture what kind of lifestyle we might have in retirement and what it might cost.
The Retirement Living Standards are about more than just the figures. They’re designed to help you picture what your life in retirement could look like.
They reflect everyday choices and needs, such as your home comforts, getting out and about, the holidays you take, and how much you can spend on family or activities.
Everyone’s situation is different. You’re unlikely to spend exactly these amounts, but they give you a useful guide to help you plan for your own retirement.
Once you have a sense of the lifestyle you want, you can think about the income you’ll need to support it, including your State Pension and any pensions, savings or other investments.
Some household costs, such as household bills and basic maintenance, are already included in the Retirement Living Standards.
However, rent and mortgage payments are not included. This reflects the expectation that many people will own their home outright in retirement, although this won’t apply to everyone and an increasing number of people are likely to be renting in retirement or paying a mortgage.
| One person | Two person | |
| Minimum
Covers all your needs, with some left over for fun |
£13,900LONDON £14,600 | £22,500LONDON £24,100 |
| Moderate
More financial security and flexibility |
£32,700LONDON £34,000 | £45,400LONDON £47,000 |
| Comfortable
More financial freedom and some luxuries |
£45,400LONDON £47,200 | £62,700LONDON £64,800 |
For more information see: https://www.retirementlivingstandards.org.uk/details
