PictureYourFuture

Retirement Living Standards

The Retirement Living Standards show what life in retirement could cost, based on three different levels of spending. They include examples of typical everyday costs and the kinds of things you might be able to afford at each level.

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Introducing the Standards

The Retirement Living Standards show how much you might spend each year in retirement, across three levels of living.

They are based on what people think is needed for different lifestyles, and give examples of what life in retirement could look like at each level.

These are estimated costs, not income. They show what different lifestyles could cost.

To cover these costs, you’ll need enough income after tax. As retirement income may be taxed, you may need a higher income to meet these spending levels.

Explore the categories to see what retirement could look like at each level.

Minimum

One person: £13,900 Two person: £22,500

The Minimum Standard covers the cost of all your basic needs, and some left over for fun. A self-catering or half-board holiday in the UK, eating out once a month and some affordable leisure activities with family and friends once or twice a week.

Moderate

One person: £32,700 Two person: £45,400

The Moderate Standard provides more financial security and flexibility than the Minimum. An annual overseas holiday and a long weekend off peak break in the UK, and a take-away a week and eating out a couple of times a month.

Comfortable

One person: £45,400 Two person: £62,700

The Comfortable Standard allows more spontaneity to the Moderate lifestyle, including extra-long weekends away in the UK, some day trips extra spending allowance on eating out and social activities.

Please show values for: One person Two person

	Minimum	Moderate	Comfortable
One person household	£13,900 a year	£32,700 a year	£45,400 a year
What standard of living could you have?	Covers all your needs, with some left over for fun	More financial security and flexibility	More financial freedom and some luxuries
House	DIY £200 a year to maintain condition of your property.	£500 a year to maintain condition of your property, £300 contingency.	£600 a year to maintain condition of your property, £300 contingency.
Food	Around £57 a week on groceries, £30 a month on food out of the home, £12 per month on takeaways.	Around £59 a week on groceries, £33 a week on food out of the home, £11 a week on takeaways, £110 a month to take others out for a monthly meal.	Around £78 a week on food, £44 a week on food out of the home, £22 a week on takeaways, £110 a month to take others out for a monthly meal.
Transport	No car, free bus pass, £32 per month to cover two taxi trips, £193 per year to cover 3 rail fares.	3 year old small car, replaced every 7 years, £23 a month on taxis per household, £112 a year on rail fares.	3 year old small car, replaced every 5 years, £23 a month on taxis per household, £223 a year on rail fares.
Holidays & Leisure	A week long UK holiday. TV license and broadband plus a streaming service with ads. £21 a week for activities.	A fortnight 3* all-inclusive holiday in the Med (£1,600) and a long weekend off-peak break in the UK with £336 spending money. TV license and broadband plus two streaming services. £45 a week for activities.	A fortnight 3/4 half board holiday in the Med (£2,345) with around £115 per day spending money and 3 long weekend breaks in the UK with £448 spending money per break. Extensive bundled broadband, movie and TV entertainment subscription. £56 a week for activities.
Clothing & Personal	Up to £460 for clothing and footwear each year.	Up to £1,500 for clothing and footwear each year.	Up to £1,500 for clothing and footwear each year.
Helping Others	Twelve gifts of £20 for birthdays and the same amount for 12 Xmas presents.	Twelve gifts of £30 for each birthday and the same amount for 12 Xmas presents, £200 per household a year for charity donations. £1,000 for supporting family members e.g. paying for grandchildren activities, treats, trips etc.	Twelve gifts of £50 for each birthday and the same amount for 12 Xmas presents, £300 per household a year for charity donations. £1,000 for supporting family members e.g. paying for grandchildren activities, treats, trips etc.

One person household	House	Food	Transport	Holidays & Leisure	Clothing & Personal	Helping Others
Minimum: £13,900 Covers all your needs, with some left over for fun	Minimum: DIY £200 a year to maintain condition of your property.	Minimum: Around £57 a week on groceries, £30 a month on food out of the home, £12 per month on takeaways.	Minimum: No car, free bus pass, £32 per month to cover two taxi trips, £193 per year to cover 3 rail fares.	Minimum: A week long UK holiday. TV license and broadband plus a streaming service with ads. £21 a week for activities.	Minimum: Up to £460 for clothing and footwear each year.	Minimum: Twelve gifts of £20 for birthdays and the same amount for 12 Xmas presents.
Moderate: £32,700 More financial security and flexibility	Moderate: £500 a year to maintain condition of your property, £300 contingency.	Moderate: Around £59 a week on groceries, £33 a week on food out of the home, £11 a week on takeaways, £110 a month to take others out for a monthly meal.	Moderate: 3 year old small car, replaced every 7 years, £23 a month on taxis per household, £112 a year on rail fares.	Moderate: A fortnight 3* all-inclusive holiday in the Med (£1,600) and a long weekend off-peak break in the UK with £336 spending money. TV license and broadband plus two streaming services. £45 a week for activities.	Moderate: Up to £1,500 for clothing and footwear each year.	Moderate: Twelve gifts of £30 for each birthday and the same amount for 12 Xmas presents, £200 per household a year for charity donations. £1,000 for supporting family members e.g. paying for grandchildren activities, treats, trips etc.
Comfortable: £45,400 More financial freedom and some luxuries	Comfortable: £600 a year to maintain condition of your property, £300 contingency.	Comfortable: Around £78 a week on food, £44 a week on food out of the home, £22 a week on takeaways, £110 a month to take others out for a monthly meal.	Comfortable: 3 year old small car, replaced every 5 years, £23 a month on taxis per household, £223 a year on rail fares.	Comfortable: A fortnight 3/4 half board holiday in the Med (£2,345) with around £115 per day spending money and 3 long weekend breaks in the UK with £448 spending money per break. Extensive bundled broadband, movie and TV entertainment subscription. £56 a week for activities.	Comfortable: Up to £1,500 for clothing and footwear each year.	Comfortable: Twelve gifts of £50 for each birthday and the same amount for 12 Xmas presents, £300 per household a year for charity donations. £1,000 for supporting family members e.g. paying for grandchildren activities, treats, trips etc.

One person household

House

Food

Transport

Holidays & Leisure

Clothing & Personal

Helping Others

Minimum:

£13,900

Covers all your needs, with some left over for fun

Minimum:

DIY £200 a year to maintain condition of your property.

Minimum:

Around £57 a week on groceries, £30 a month on food out of the home, £12 per month on takeaways.

Minimum:

No car, free bus pass, £32 per month to cover two taxi trips, £193 per year to cover 3 rail fares.

Minimum:

A week long UK holiday. TV license and broadband plus a streaming service with ads. £21 a week for activities.

Minimum:

Up to £460 for clothing and footwear each year.

Minimum:

Twelve gifts of £20 for birthdays and the same amount for 12 Xmas presents.

Moderate:

£32,700

More financial security and flexibility

Moderate:

£500 a year to maintain condition of your property, £300 contingency.

Moderate:

Around £59 a week on groceries, £33 a week on food out of the home, £11 a week on takeaways, £110 a month to take others out for a monthly meal.

Moderate:

3 year old small car, replaced every 7 years, £23 a month on taxis per household, £112 a year on rail fares.

Moderate:

A fortnight 3* all-inclusive holiday in the Med (£1,600) and a long weekend off-peak break in the UK with £336 spending money. TV license and broadband plus two streaming services. £45 a week for activities.

Moderate:

Up to £1,500 for clothing and footwear each year.

Moderate:

Twelve gifts of £30 for each birthday and the same amount for 12 Xmas presents, £200 per household a year for charity donations. £1,000 for supporting family members e.g. paying for grandchildren activities, treats, trips etc.

Comfortable:

£45,400

More financial freedom and some luxuries

Comfortable:

£600 a year to maintain condition of your property, £300 contingency.

Comfortable:

Around £78 a week on food, £44 a week on food out of the home, £22 a week on takeaways, £110 a month to take others out for a monthly meal.

Comfortable:

3 year old small car, replaced every 5 years, £23 a month on taxis per household, £223 a year on rail fares.

Comfortable:

A fortnight 3*/4* half board holiday in the Med (£2,345) with around £115 per day spending money and 3 long weekend breaks in the UK with £448 spending money per break. Extensive bundled broadband, movie and TV entertainment subscription. £56 a week for activities.

Comfortable:

Up to £1,500 for clothing and footwear each year.

Comfortable:

Twelve gifts of £50 for each birthday and the same amount for 12 Xmas presents, £300 per household a year for charity donations. £1,000 for supporting family members e.g. paying for grandchildren activities, treats, trips etc.

*The figures shown are the amounts of annual expenditure required to achieve the living standard (ie they are not gross income figures).

When planning for your retirement it’s important to think about your own circumstances. The figures assume you own your home outright. If not, your costs may be higher, as you may need to budget for rent or mortgage payments.

The standards show costs for both one-person and two-person households. Living in a two-person household can reduce costs by sharing expenses, but this won’t apply to everyone.

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