State Pension is set to rise by 10.1 percent in April 2023, with the backdrop of rising everyday costs. still leaves some pensioners only just covering expenses to get by on a day-to-day basis.
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 The Pensions and Lifetime Savings Association (PLSA), Leicestershire Live reports.
The PLSA states the cost of a 'minimum lifestyle' has increased from £10,900 in 2021 to £12,800 in 2022. That translates to around 18 percent for a single person or, for those in a couple, it has gone from £16,700 to £19,900, 19 percent.
