Latest Retirement Living Standards show costs for Minimum retiree needs have fallen, while Moderate and Comfortable Standards see modest rises
By Pensions UK
The latest update of the PLSA’s Retirement Living Standards (RLS) shows a decrease in the cost of the Minimum retirement lifestyle, down to £21,600 per year for a two-person household, due to the impact of lower energy prices and changes in the public’s expectations for this standard.
Meanwhile, the Moderate and Comfortable standards have risen modestly, reflecting the impact of inflation across many expenditure categories offset by decreases in energy costs.
This year, the cost of a Minimum Retirement Living Standard for a one-person household has decreased by £1,000 per year to £13,400, while for a two-person household, it is £21,600. These changes are primarily due to a substantial reduction in energy costs and some small spending adjustments made to the living standard by research participants.
Calculated by the Centre for Research in Social Policy at Loughborough University on behalf of the PLSA, the RLS describe the cost of three different retirement lifestyles: Minimum, Moderate, and Comfortable. The research is based on multiple in-depth discussion groups with members of the public from across the UK.
Source RLS
