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How much money do you really need for a comfortable retirement

The Pensions and Lifetime Savings Association (PLSA) has released new guidelines intended to give you a good indication of the lifestyle you can expect on different levels of income in retirement. The 3 retirement incomes are split into minimum, moderate and comfortable categories.

They hope these new standards will resonate with retirement savers in the same way the campaign to eat ‘five a day’ did. It certainly resonates with us and we’d like to take this opportunity to encourage you to take advantage of our free pension review to see if one of our Financial Advisors can better your retirement prospects. It could be the difference between you living on a minimum/moderate income or moving up that comfortable bracket.

The Association has suggested the minimum standard retirement income for a single person is around £10,000 and £15,000 for a couple. Moving up to moderate you’d be looking at an income of £20,000 per year for individuals and £30,000 for couples. And finally for a comfortable retirement you’d be aiming for upwards of £30,000 per year for individuals and £45,000 for couples.

The differences in living standards between each income bracket are nicely illustrated in this table by the PLSA.

Single Person

Couple

Does this open your eyes to the type of lifestyle you can expect when you reach retirement?

Let us carry out a free pension review for you

Do you know where you stand with your pension in the wake of these new guidelines? Register with us today for your free of charge, no obligation pension review. Dig out those old pension policy numbers, make yourself a cuppa and take 10 minutes to complete our registration form. It could be the most valuable 10 minutes you’ll ever spend.

Information correct at October 2019. Image courtesy of PSLA.