The cost of a minimum lifestyle is now £19,900 for a two-person household
The annual income people will need for a minimum standard of living in retirement has jumped by nearly a fifth in the space of a year, according to an industry body.
Based on research by the Centre for Research in Social Policy at Loughborough University, the retirement living standards consider outgoings such as household bills, food and drink, transport, holidays and leisure, clothing and social and cultural participation. Top Money Stories Today The moderate retirement income level has increased by 12 per cent, from £20,800 in 2021 to £23,300 in 2022 for a single retiree and by 11 per cent, from £30,600 to £34,000 for a couple.The standards for retirees enjoying a comfortable lifestyle meanwhile factors in:
Nigel Peaple, director of policy and advocacy at the PLSA, said: "The past year has been an enormously challenging one for many households in the UK. Inflation has risen to its highest rate in 40 years with the cost of essentials and domestic fuel soaring, putting substantial pressure on incomes for working age and retired households, particularly for those on low incomes.
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