Think you’re saving enough to ensure a comfortable retirement? According to Pensions UK, there’s a significant number of people who aren’t.<\/p>\n
They are at risk of a retirement “cliff-edge” fall in income when they stop work, the pensions industry body warned, as it published updated retirement living standards.<\/p>\n
Find latest tips and deals in the Money blog<\/a><\/p>\n These are calculated by the Centre for Research in Social Policy at Loughborough University and set out three lifestyle levels in retirement:<\/p>\n Minimum, covering basic needs with some money left over for discretionary spending – costs about \u00a313,900 annually for one person (up \u00a3500 from last year) and \u00a322,500 for two (up \u00a3900)Moderate, offering more financial security and flexibility – costs \u00a332,700 for one person (up \u00a31,000) and \u00a345,400 for two (up \u00a31,500)Comfortable, with more financial freedom and some luxuries – costs around \u00a345,400 for one person (up \u00a31,500) and \u00a362,700 for two (up \u00a32,100)<\/p>\n Pensions UK said it expects around 82% of the working population across the UK to reach at least the minimum standard of living in retirement. However, this falls to just 23% reaching a moderate standard and less than one in 10 (9%) enjoying a comfortable lifestyle.<\/p>\n And the lifestyle levels do not include housing costs, it warned, as these vary significantly depending on location and personal circumstances – some people will own a home outright when they retire, for example, while others may still have a mortgage or be renting.<\/p>\n Read more: Zoe Alexander, executive director of policy and advocacy at Pensions UK, said today’s saving levels “will not be enough for the retirement” many expect.<\/p>\n “Without action, too many risk facing a cliff-edge drop in income when they stop work.”<\/p>\n The state pension is determined by the triple lock, which means it will rise every year by whichever is highest: inflation in September, average weekly earnings from May to July, or 2.5%.<\/p>\n","protected":false},"excerpt":{"rendered":"Think you’re saving enough to ensure a comfortable retirement? According to Pensions UK, there’s a significant number of…\n","protected":false},"author":2,"featured_media":619742,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[84,4176,4174,4175,56,54,55],"class_list":["post-619741","post","type-post","status-publish","format-standard","has-post-thumbnail","category-personal-finance","tag-business","tag-finance","tag-personal-finance","tag-personalfinance","tag-uk","tag-united-kingdom","tag-unitedkingdom"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/619741","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/comments?post=619741"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/619741\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media\/619742"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media?parent=619741"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/categories?post=619741"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/tags?post=619741"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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