A single person will need £31,300 a year for a moderate income in retirement, according to a pensions industry body.
The rising cost of living and an expectation to offer financial support to grandchildren had pushed up the income required by £8,000, it said.
The Pensions and Lifetime Savings Association (PLSA) uses evidence from focus groups to make the estimates.
The Pensions and Lifetime Savings Association (PLSA) uses evidence from focus groups to make the estimates.
The rise is primarily the result of rising food and energy costs, researchers said.
The calculations are pitched at three different levels – minimum, moderate and comfortable – and are developed and maintained independently by the Centre for Research in Social Policy at Loughborough University.
They estimated that a single person needed £14,400 a year for a minimum income, and £43,100 a year for a comfortable retirement.
Couples required a joint £22,400 at the minimum level, £43,100 at a moderate level, and £59,000 at a comfortable level.
A single person will need £31,300 a year for a moderate income in retirement, according to a pensions industry body.
The Pensions and Lifetime Savings Association (PLSA) uses evidence from focus groups to make the estimates.
The rising cost of living and an expectation to offer financial support to grandchildren had pushed up the income required by £8,000, it said.
The rise is primarily the result of rising food and energy costs, researchers said.
The Pensions and Lifetime Savings Association (PLSA) uses evidence from focus groups to make the estimates.
The Pensions and Lifetime Savings Association (PLSA) uses evidence from focus groups to make the estimates.
The rise is primarily the result of rising food and energy costs, researchers said.
The calculations are pitched at three different levels – minimum, moderate and comfortable – and are developed and maintained independently by the Centre for Research in Social Policy at Loughborough University.
They estimated that a single person needed £14,400 a year for a minimum income, and £43,100 a year for a comfortable retirement.
Couples required a joint £22,400 at the minimum level, £43,100 at a moderate level, and £59,000 at a comfortable level.
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