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How Much is Enough?
How much is 'enough' to maintain your ideal lifestyle through retirement?
New research reveals that one in three people could face hardship in retirement. Are you on track to achieve the retirement lifestyle you want?
The research creates a ‘Retirement Living Standards’ report to estimate the lifestyle that people might expect to achieve when they stop working.
Is this your wakeup call?
One of the UK’s major insurance companies (Scottish Widows) runs a annual National Retirement Forecast (NRF) survey designed to capture a snapshot of the UK’s future retirement landscape.
The forecast uses the Pension and Lifetime Savings Association’s (PLSA) ‘Retirement Living Standards’ levels to estimate the lifestyle that people might expect to achieve when they stop working.
Those figures look like this: [click HERE for the full table of results.]
It breaks retirement standards into three bands: minimum, moderate and comfortable retirement lifestyles. These are updated each year to take account of price increases and changes in retirement spending patterns. The latest set, published in January 2023, shows that in 2022 the yearly cost of a minimum retirement lifestyle increased from £10,900 to £12,800 (18%) for a single person and from £16,700 to £19,900 (19%) for a couple.
The main conclusion is that over a third of the population are not on target to achieve even the minimum lifestyle standard when they reach retirement.
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