This article appears as part of the Money HQ newsletter. We now have more information, more choices, and more responsibility for our retirement savings. But will the future we want be the future we are able to get? The Retirement Living Standards , launched by the Pensions and Lifetime Savings Association (PLSA), aims to help people picture what kind of lifestyle they could have in the future.
Pitched at three levels: minimum, moderate and comfortable, the standards have been designed to act as a practical and meaningful starting point for anyone who is unsure about how much they need to save. Whether you’ve got 20 years before you retire or just a few, it’s important to have an idea of just how much money you’ll need for a comfortable standard of living once you’ve finished working. How much money do I need to retire? Helpfully, the Pension and Lifetime Savings Association shows approximately how much individuals and couples will need to have a comfortable, moderate or minimum standard of living in retirement.
Their latest figures show that a single person will need £12,800 a year to achieve the minimum living standard, £23,300 a year for moderate, and £37,300 a year for comfortable. For couples it is £19,900, 34,000 and £54,5001. Read more: Money HQ | Splitting assets with your other half can reduce Capital Gains Tax The minimum living standard covers most people’s basic needs plus enough for some fun.
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