Sum needed for basic retirement living falls

SLIGHT RISE FOR MODERATE AND COMFORTABLE INCOME LEVEL

- By STAFF REPORTER

THE minimum amount someone needs in retirement has fallen, according to calculations.

The Pensions and Lifetime Savings Association (PLSA) sets three retirement lifestyles minimum, moderate, and comfortable. The cash amounts for each standard are regularly updated.

The standard amounts for 2024/25 were calculated by the Centre for Research in Social Policy at Loughborough University.

The cost of a minimum retirement living standard for a one-person household decreased by £1,000 per year to £13,400, while for a two-person household, it was £21,600, down from £22,400.

The changes are mainly due to a substantial reduction in energy costs.