Comfortable retirement target £250,000 higher for single people

Single pensioners face ‘uphill hike’ compared to couples

Holly Roach
clock • 1 min read

Single pensioners need £257,000 more than couples to achieve a comfortable living standard in retirement, according to analysis by Standard Life.

The provider revealed against the Pensions and Lifetime Savings Association's (PLSA) Retirement Living Standards (RLS), a pensioner couple would need £418,000 per person for a ‘comfortable' retirement while a single pensioner would need £675,000 - a £257,000 difference. For a ‘moderate' living standard - based on a securing a single life annuity - a single pensioner would need £160,000 more than pensioner couples, and £53,000 more for a ‘minimum' standard with pensioner couples having enough through two state pensions to achieve a minimum standard, according to Standard Life. The firm...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

Holly Roach
Author spotlight

Holly Roach

News Editor at Professional Pensions

More on Income

Retirees flock to annuities as sales rise almost 40% year-on-year

Retirees flock to annuities as sales rise almost 40% year-on-year

Annuity sales up 38.7% to 80,061 in 2023/24

Jenna Brown
clock 26 September 2024 • 2 min read
Annuity comparison demand among advisers continues to rise

Annuity comparison demand among advisers continues to rise

Popularity of annuities returned as rates increased

Jenna Brown
clock 24 September 2024 • 2 min read
Advisers back annuities as sales continue to rise in H1

Advisers back annuities as sales continue to rise in H1

Annuity sales reach £3.6bn in H1 2024, ABI figures show

Jasmine Urquhart
clock 21 August 2024 • 2 min read