Whether retirement is years away or you are currently on countdown, working out just how much you'll need to enjoy a comfortable one is no easy task - this is especially true at the moment as the cost of living continues to soar. So just how much do you need for a comfortable life in later years?
Even though the state pension is set to rise by 10.1% in April, reports indicate that millions of pensioners will still be left only just covering their expenses. In fact, according to the Pensions and Lifetime Savings Association (PLSA), 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.
Rising costs for everyday items such as fuel and food have contributed significantly to the increase in the amount retirees need for a minimum standard of living, according to the PLSA, while Nottinghamshire Live sister publication Leicestershire Live discovered that the latest inflation update produced by the PLSA found the cost of a 'minimum lifestyle' had increased from £10,900 in 2021 to £12,800 in 2022 – or 18% – for a single person. For those in a couple, it has gone from £16,700 to £19,900, 19%.
