To help people think about how much they might need to retire on, the Pension and Lifetime Savings Association has come up with simple estimates of how much retirement income you need for different standards of living.
There’s a simple summary below based upon living outside of London and lots more detail at retirementlivingstandards.org.uk.
|£11,000 a year
|£17,000 a year
|No car, weekly food shop of £41, holidays in the UK
|£21,000 a year
|£31,000 a year
|3-year-old car replaced every 10 years, weekly food shop of £47, a holiday in Europe
|£34,000 a year
|£50,000 a year
|2-year-old car replaced every 5 years, weekly food shop of £59, longer holidays in Europe