Working out how much income you need in retirement to ensure a good standard of living is a difficult question, and there is no single answer to the question “how much is enough to retire on”.

 

However, the Pensions and Lifetime Savings Association (“PLSA”) have developed the Retirement Living Standards, a set of standards which helps you to picture what kind of lifestyle you could have in retirement. Based on their research, the PLSA have come up with three standards to target a “minimum”, “moderate” and “comfortable” standard of living in retirement.

 

Find out about the standards by visiting the PLSA’s website here: www.retirementlivingstandards.org.uk