Every year, Pensions UK – the ‘voice of pension schemes’ – release the amount that retirees need to spend to enjoy a basic, moderate or comfortable retirement.
This year, the standards – developed by researchers at Loughborough University – have determined that a single person needs to spend £45,400 to enjoy a comfortable retirement.
There are a number of things deemed as needed for people to be comfortable, including having a three-year-old car replaced every five years, up to £1,500 for clothing a year and footwear and £78 for food each week.
However, there are two key points to make about these figures. They don’t include housing costs, and they refer to how much you need to spend – not what you need to receive in income.
The release of the figures coincides with warnings from retirement experts that the majority of people are not on course to meet the income needed for a comfortable or moderate standard of living in their later years.
