A single person will need ££25,000 for a moderate retirement while couples will need £36,480.
New research from Hargreaves Lansdown’s Savings and Resilience Barometer suggests that single people will need an income of £25,000 each year to live a ‘moderate’ lifestyle in retirement while couples will need £36,480. These figures include the full New State Pension which is currently worth £11,504 over the 2024/25 financial year - but doesn’t include tax.
The retirement expert added: “Developing pounds and pence estimates for what you need in retirement is a hugely useful tool in helping people work out what they need and how close they are to achieving it. It’s a conversation started by the development of the Pensions and Lifetime Savings Association Retirement Income Standards.”
Top Money Stories Today She continued: “These things will be important to many, but not all people, and many live well in retirement on far less. This diversity in approaches needs to be considered. Working out how to handle the inflation shock presents an opportunity for the PLSA and industry to engage on what is the best way to help people measure their retirement income needs.
Recent Barometer data shows that 12.2 million households don’t have the pension savings required to retire with a moderate living standard. However, within this group, almost 7 million are not behind with debt repayments or bills and have the excess cash or investments that could be used to boost their pensions or SIPPs.
State Pension Personal Finance Cost Of Living
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