Annual cost of moderate retirement up £8,000 amid rising living costs – research
The annual cost of having a moderate income in retirement has jumped by £8,000, amid rising living costs and expectations that grandparents will be playing a role in supporting other family members, according to a pensions industry body.
The Pensions and Lifetime Savings Association (PLSA) put the annual cost of a moderate retirement income for a single person at £31,300 in 2023/24 – up from £23,300 in 2022/23.
The retirement living standards are calculated by the Centre for Research in Social Policy at Loughborough University on behalf of the PLSA.
In this year's findings, we see the strong effects of rising prices in what's needed to meet the cost of food and energy
There are three retirement lifestyles that are covered – minimum, moderate and comfortable – and they help give people an idea of what
