13 February 2024
The Pension and Lifetime Savings Association (PLSA) has released the updated Retirement Living Standards (RLS) which detail the income needed for different levels of lifestyles in retirement.
|
Standard |
Single income per year |
As a couple per year |
|
Minimum |
£14,400 |
£22,400 |
|
Moderate |
£31,300 |
£43,100 |
|
Comfortable |
£43,100 |
£59,000 |
The figures are derived from surveys seeking to understand what the public expects is needed to achieve each standard and participate in society, not just to survive. Housing, food, transport, holidays clothing and personal expenses are factored to come to the annual expenditure amounts.
The PLSA state that three quarters (76%) of savers are on track to achieve the minimum RLS, which is fantastic, but does still show the need for improved pensions adequacy across the UK. With the extension to automatic enrolment still waiting for further DWP consultation, we must wait to see how this impacts projections.
In the meantime, the PLSA are pushing for further reforms to pension policy with their Five Steps to Better Pensions campaign.
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