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 'minimum' lifestyle will require £14,400 per year for an individual or £22,400 for a couple.
A ‘minimum’ lifestyle covers all your needs, with some left over for fun and social occasions. You could holiday in the UK, eat out about once a month and do some affordable leisure activities about twice a week.
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
Minimum lifestyle
Will require £14,400 per year for an individual and £22,400 for a couple
Private pensions
£40K - 70K approx. fund size required to meet the minimum lifestyle
Minimum Lifestyle
A minimum 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.
Here are some categories of costs you need to consider in retirement, and the Living Standards estimates for each:
House - DIY £100 a year to maintain condition of your property.
Household bills (e.g. water, council tax, insurance, electricity)
Telephone bills (landline and mobile) and line rental
Dentist, opticians, podiatry, minor first aid (e.g. plasters, paracetamol)
Helping Others - £20 for each birthday and Xmas present. £50 a year charity donation.
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 you can afford in retirement. You don't have to provide any personal info.
