People need an extra £26,700 on top of full New State Pension for comfortable lifestyle in retirement
New analysis by Standard Life, part of Phoenix Group, using the MoneyHelper annuity tool, has calculated the pension pot needed to secure a ‘minimum’, ‘moderate’ and ‘comfortable’ standard of living in retirement. Retirees who want to achieve a minimum living standard in retirement, which includes enough for the basics and one week’s holiday in the UK a year but no car, require an annual income of £12,800.
People looking to retire earlier than the State Pension age, which is currently 66 and rising to 67 between 2026 and 2028, will need to bridge the gap in full amount from any private pension pot or additional savings. For a comfortable living standard in retirement, pensioners would need to amass a pot of around £530,000. This would incorporate the full New State Pension plus an additional £37,300 each year.
“The Retirement Living Standards tool from the PLSA clearly shows what life in retirement looks like at different levels, factoring in the expenses people tend to forget like birthday money for loved ones as well as the more obvious costs.
Danmark Seneste Nyt, Danmark Overskrifter
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