If you're nearing retirement and want to assess your income needs, check out the Retirement Living Standards by the Pensions and Lifetime Savings Association (PLSA). The figures have been updated to reflect the rising cost of living and increased expectations for grandparents financially supporting grandchildren.
According to the new figures, for a moderate standard of living:
- A single person would need a retirement income of just over £31,000.
- A married couple would need a retirement income of £43,000.
The website provides detailed calculations and suggests incomes for minimum and comfortable living standards. Use this valuable resource for financial planning and access our retirement modeller on the Member Portal to assess your savings in the Plan.
