Pension: What do you need for a ‘comfortable’ retirement? The exact figure to bear in mind | Personal Finance | Finance

Pension savers will not want to be left with regrets regarding a failure to plan amply for retirement. As such, it will be vital to think ahead and budget for each year of retired life.

People might have a particular idea in mind for retirement, but a study has uncovered the figure people should be looking for.

According to the Pension Lifetime Savings Association (PLSA), a single person will need to spend about £11,000 a year – but only if they want the minimum living standard in retirement.

If looking for a moderate lifestyle, then singletons will need £21,000 a year.

However, for those with more lofty ambitions such as longer holidays and spending on regular gifts, £34,000 is required – deemed as a “comfortable retirement”.

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The contact has been made through pension schemes, making more people aware of their finances.

In total, 124 organisations are now using the standards, including over 100 pension schemes.

Nigel Peaple, Director of Policy & Research PLSA, said: “It has been enormously encouraging to see so many pension and savings organisations proactively using the Retirement Living Standards to help bring pension saving to life.

“Reaching up to 35 million savers, the Retirement Living Standards are now firmly established as part of a common language to help people engage with pension saving and understand their spending needs in retirement.”