Pensions income needed to retire rises

The Pensions and Lifetime Savings Association (PSLA) has released new findings that states; a single retired individual needs £31,300 per year to have a ‘moderate’ retirement. 

The rising costs of living as well as an increased importance on socialising following the pandemic had pushed the income required by over £8,000, the PLSA said. 

The Centre for Research in Social Policy (CRSP) at Loughborough University have devised a three level system for retirement which are developed & maintained independently. These three levels – minimum, moderate and comfortable provide guidelines for the amount you will need saved to have your retirement meet your expectations. 

These retirement guidelines state that a single individual will need the following:

  • Minimum – £14,400
  • Moderate – £31,000
  • Comfortable – £43,100

The CRSP has also provided these figures for couples: 

  • Minimum – £22,400
  • Moderate – £43,100
  • Comfortable – £59,000

These new figures include what a retired individual would spend on a regular basis such as social life, transport, energy & food however this does not include any housing costs on the assumption that people will be living in their own home with all mortgage repaid. 

Nigel Peaple, Director for Policy and Advocacy at the PLSA, said:

‘The cost of living has put enormous pressure on household finances over the last year and, as the research shows, this is no different for retirees.’

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