The Pension and Lifetime Savings Association (PLSA) has recently updated their retirement living standards to help you plan how much to save for retirement.
The PLSA’s aim is to help you think in a practical way about the kind of lifestyle you want when you come to retire, and to help you prepare. The Standards show what life in retirement looks like at three different levels of income: minimum, moderate, and comfortable.
Here is a summary of the three different levels of income at retirement and the standard of living you can expect.
Income level | Single | Couple | Standard of living |
Minimum | £12,800 | £19,900 | Covers all your needs, with some left over for fun. |
Moderate | £23,300 | £34,000 | More financial security and flexibility. |
Comfortable | £37,300 | £54,500 | More financial freedom and some luxuries. |
For more information on planning for retirement visit our Plan your retirement page.
For more information on the PLSA living standards, other helpful links and to take a quiz to see how much you know about your pension visit our Learn more about pensions page.
You can use the calculator in My Pension to find out whether you’re on track. If you haven’t already registered, you can do so at My Pension. There’s a step by step guide to registering available on our My Pension support page, with a guide to using the My Pension calculator and a video showing the benefits of My Pension. As well as the pension calculator, these benefits include updating person details, viewing annual statements, and sending information securely.