Introducing the standards
The Retirement Living Standards are aimed at cutting through the ambiguity that currently surrounds retirement planning. We want to help savers think in a practical way about the kind of lifestyle they might lead in retirement.
Like the ‘five a day’ or 5-a-day healthy eating maxim, the PLSA hopes the Standards will one day become a rule of thumb for retirement planning.
Roughly speaking, a single person will need about £10k a year to achieve the minimum living standard, £20k a year for moderate, and £30k a year for comfortable. Like 5-a-day, this can be briefly summarised as 10k-20k-30k. For couples, it's 15k-30k-45k.
By giving savers a general figure that they can understand, our hope is that savers can then start to develop their own personal targets based on their individual circumstances and aspirations.
We’ve created a series of examples to show what kind of living standard different people could have in retirement depending on their salaries, household and savings.
Who to contact
Where to go
- Address:Pensions and Lifetime Savings Association
Number 24 - 6th Floor
- PE2 8TY