PLSA /Loughborough University Launches RETIREMENT LIVING STANDARDS – October 2019
77% do not know how much they need in retirement
“The Retirement Living Standards are aimed at cutting through the ambiguity that currently surrounds retirement planning. We want to help savers think in a practical way about the kind of lifestyle they might lead in retirement.
Like the ‘five a day’ or 5-a-day healthy eating maxim, the PLSA hopes the Standards will one day become a rule of thumb for retirement planning.
Roughly speaking, a single person will need about £10k a year to achieve the minimum living standard, £20k a year for moderate, and £30k a year for comfortable. Like 5-a-day, this can be briefly summarised as 10k-20k-30k. For couples, it’s 15k-30k-45k.
By giving savers a general figure that they can understand, our hope is that savers can then start to develop their own personal targets based on their individual circumstances and aspirations”.
Please note:
The Standards are the property of and are provided by the Pension and Lifetime Savings Association and Loughborough University.
The information is for illustration and guidance only and does not constitute financial advice.
You can find out more at https://www.retirementlivingstandards.org.uk/