(qlmbusinessnews.com Thurs, 8th Feb, 2024) London, UK —
Retirement Income Barometer: PLSA's Insights into Changing Needs.
In a bid to navigate the shifting landscape of retirement, the Pensions and Lifetime Savings Association (PLSA) reveals that a single person now requires £31,300 annually for a moderate retirement income. This marks an £8,000 increase attributed to the rising cost of living and the desire to financially support grandchildren.
The estimates, drawn from focus groups, outline three tiers of retirement income: minimum, moderate, and comfortable. A single person needs £14,400 for a minimum income and £43,100 for a comfortable one. For couples, the figures range from £22,400 at the minimum level to £59,000 for a comfortable retirement.
The PLSA emphasizes the impact of increased food and energy costs on the calculations. Nigel Peaple, Director of Policy and Advocacy at PLSA, highlights the significant pressure on household finances due to the cost of living.
Professor Matt Padley of Loughborough University, which independently maintains the calculations, notes the changing priorities following the pandemic. Focus groups highlighted the increasing importance of spending time with family and friends, influencing retirement aspirations.
The estimates do not include housing costs, assuming that many pensioners have paid off mortgages. The figures provide a guide for individuals planning their retirement savings, but the PLSA acknowledges the complexity of determining the required savings during a working life.
Pensions experts consider the estimates a wake-up call, emphasizing the need for individuals to assess and adapt their retirement planning strategies. The triple-lock, uprating the state pension, acts as a crucial safeguard against rising living costs in retirement.
As the retirement landscape evolves, automatic enrolment in pension schemes aims to transform pension saving. Despite these measures, the estimates underscore the importance of proactive retirement planning in the face of changing economic landscapes.
#RetirementPlanning #Pensions #FinancialWellbeing #CostOfLiving #RetirementIncome #PLSAInsights
This News Story is brought to you by QLM Business News, your Digital Media Channel
Visit QLM businessnews.com
For more business news stories also follow us on Facebook, X and Youtube.
To Help qlm business news bring you more new stories like this, please like, share and subscribe.
Unlock unparalleled business growth and effortlessly attract a stream of new customers through QLM Business News Sponsored Advertising. Elevate your brand's presence and captivate your target audience with precision. Visit QLMbusinessnews.com and click on “Advertise” to harness the power of strategic advertising. Don't miss this unparalleled opportunity to propel your business to new heights of success!
Disclaimer: All images presented herein are intended solely for illustrative purposes and may not accurately depict the true likeness of the subjects, objects, or individuals referenced in the accompanying news stories.
