The Pensions and Lifetime Savings Association (PSLA) published the new Retirement Living Standards to help people understand the cost of the kind of retirement they wish to have. 

Research has shown that 51% of people focus on their current needs and wants at the expense of providing for their future and only 23% of people know how much they need to save. 

The Standards are pitched at three levels:

1. Minimum - £10,200 per year for a single person and £15,700 for a couple which would cover a holiday in the UK, eating out once a month and some affordable leisure activities twice a week.

2. Moderate - £20,200 per year for a single person and £29,100 for a couple which would provide, in addition to the minimum lifestyle, a two-week holiday in Europe and eating out a few times a month.

3. Comfortable - £33,000 per year for a single person and £47,500 for a couple which would achieve both the minimum and moderate lifestyles, plus extra luxuries such as spa days and theatre trip and those important holidays.

If you want to learn more about what the PSLA says about how much to save for retirement, visit www.plsa.co.uk/Policy-and-Research-Defined-Contribution-Retirement-Living-Standards 

We also wanted to remind you that our retirement planning tool is still available to use. It automatically works out the level of pension you will need to meet your savings goals. It could help you understand what you need to start saving now so that you can live comfortably in the future. 

Give it a try today at www.rspensions.co.uk/budget-calculator to see how prepared you are.