The cost of living crisis is turning into a cost of retirement crisis as rising food and energy prices mean the amount of money you need to retire at a minimum living standard has increased by almost £2,000 in the last year.
In 2022 the minimum required to survive as a single pensioner jumped by 18% to £12,800 a year. Meanwhile, a retired couple now need a minimum of £19,900 a year – up £3,200, an even bigger rise of 19%, according to a study funded by the Pensions and Lifetime Savings Association (PLSA) at Loughborough University.
