FINANCE
Paul Lewis
RETIREMENT PLANNING / MONEY NEWS
Think you’ve saved enough for retirement? New estimates show just how much money you actually need – and, as our expert explains, for many it’s a lot more than the state pension alone
illustration ELIOT WYATT
Whatannual income do you need to have a comfortable retirement? Or a moderate one? Or a minimum one? The Pensions and Lifetime Savings Association (PLSA) has just published its latest estimates – and they’ve surprised many.
To have a ‘comfortable’ life it says you need to spend £43,100 a year if you are single, while a couple needs £59,000 between them. To enjoy a ‘minimum’ life it requires £14,400 if you’re single or £22,400 for a couple.
In between those two extremes, a ‘moderate’ life would cost £31,300 if you are single or £43,100 between a couple. And if you live in London you need to add £1,000 to £2,000 a year to those figures.