Will the future we want be the future we're able to get?
Key facts
The Pension and Lifetime Savings Association Retirement Living Standards have been developed to help us to picture what kind of lifestyle we could have in retirement.
A 'comfortable' lifestyle will require £43,100 per year for an individual or £59,000 for a couple.
It's a lifestyle that allows you to be more spontaneous with your money. You could have a subscription to a streaming service, regular beauty treatments, a foreign holiday and several UK minibreaks a year.
Reading time
5 mins
What you need
An understanding of the income your pension will provide in retirement
Key themes at a glance
State Pension
The full state pension for 2024-25 is £11,500 per year
Comfortable Lifestyle
Will require £43,100 per year for an individual and £59,000 for a couple
Private Pension
£490K - 790K approx. fund size required to meet the minimum lifestyle
Comfortable Lifestyle
A comfortable standard of living in the UK today includes, but is more than just, food, clothes, and shelter. It is about having what you need in order to have the opportunities and choices necessary to participate in society.
Cost you need to consider in retirement and the Living Standards estimate:
House - Replace kitchen and bathroom every 10/15 years.
Household bills (e.g. water, council tax, insurance, electricity)
Telephone bills (landline and mobile) and line rental
Food - Around £70 a week on food, £40 a week on food out of the home, £20 a week on takeaways, £100 a month to take others out for a monthly meal.
Eating out budget
Groceries
Beer and wine
Transport - 3 year old small car, replaced every 5 years, £20 a month on taxis, £200 per year on rail fares.
Car (if applicable)
Railcard and train travel
Taxis
Holidays & Leisure - A fortnight 4* holiday in the Med with spending money and 3 long weekend breaks in the UK. Extensive bundled broadband and TV subscription.
TV, DVD player, laptop, printer, speakers, CDs and stationery supplies
TV license and subscriptions
Internet
Activities
Holidays, spending money and passport
Clothing & Personal - Up to £1,500 for clothing and footwear each year.
Dentist, opticians, podiatry, minor first aid (e.g. plasters, paracetamol)
Helping Others - £50 for each birthday and Xmas present, £25 per month charity donation, £1,000 family support
Gifts for others
Helping others (if applicable)
Charitable donations
What should I do next?
Find out about retirement living standards
Use our quick tool to explore how your pension pot size and age affects the type of lifestyle in your retirement. You don't have to provide any personal info.
