Retirement Living Standards

Estimated financial needs associated with various retirement lifestyles.

Note: Estimated financial needs associated with various retirement lifestyles from Pensions UK

Amount required for a 'minimum' living standard in retirement

Single person

^{_single_minimum_standard_of_living}

Couple

^{_couple_minimum_standard_of_living}

Source

Amount required for a 'moderate' living standard in retirement

Single person

^{_single_moderate_standard_of_living}

Couple

^{_couple_moderate_standard_of_living}

Source

Amount required for a 'comfortable' standard of living in retirement

Single person

^{_single_comfortable_standard_of_living}

Couple

^{_couple_comfortable_standard_of_living}

Source

Undersaving in the UK

Number of adults who were not retired but not saving into a pension in 2020

9.6 million

Source

Number of people of working age who are undersaving for retirement

12.5 million

Source

Proportion and number of working age people undersaving for retirement, measured against the Pensions UK minimum retirement living standard

12% - 4.1 million

Source

Proportion and number of working age people who are undersaving relative to the 'moderate' retirement living standard

51% - 17.7 million

Source

Proportion and number of working age people who are undersaving relative to the 'comfortable' retirement living standard

88% - 30.4 million

Source

Proportion of workers in the lowest income band (<£12,500) who do not meet the required threshold

34%

Source

Single vs couple undersaving

Proportion of single pensioner population who are not expected to hit the Pensions UK 'minimum' Retirement Living Standard when they retire

19%

Source

Proportion of pensioner couples who are not expected to hit the Pensions UK 'minimum' Retirement Living Standard when they retire

Source

Target replacement rates

Proportion of earnings that a lower earner would need as income in retirement to ensure a similar lifestyle

80%

Source

Proportion of earnings that a median earner would need as income in retirement to ensure a similar lifestyle

60 to 66%

Source

Proportion of earnings that a higher earner would need as income in retirement to ensure a similar lifestyle

50%

Source

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PensionBee is authorised and regulated by the Financial Conduct Authority.
With pensions, your capital is at risk.

General enquiries: 020 3457 8444

General enquiries: [email protected]
‍
‍Press: [email protected]

‍Partners: [email protected]

PensionBee, 209 Blackfriars Road, London, SE1 8NL