The annual income people will need for a minimum standard of living in retirement has jumped by nearly a fifth in the space of a year, according to an industry body.
The Pensions and Lifetime Savings Association (PLSA) regularly publishes retirement living standards, to give people an idea of the amounts they may potentially need in retirement, whether they are aiming for a minimum standard of living, a comfortable standard of living, or a more luxurious comfortable lifestyle in retirement.
In its latest inflation update, the PLSA said the cost of a minimum lifestyle has increased from £10,900 in 2021 to £12,800 in 2022 - or 18 per cent - for a single person and from £16,700 to £19,900 - or 19 per cent - for a couple. Rising food and fuel prices have contributed significantly to the increase in the amounts retirees need for a minimum standard of living, the PLSA said.
