Cost Of A Comfortable Retirement Reaches £50,000 A Year For A Couple

A study shows that a couple retiring in the UK will need £49,700 per year to live comfortably, an increase of £2,200.

The Pensions and Lifetime Savings Association (PLSA) estimates that a “comfortable” retirement will include two cars, replacing items like a kitchen every 10-15 years, holidays abroad and £94 per week (Waitrose/M&S) for food shopping.

You could get by on a “moderate” retirement on £30,600 per annum and a “minimum” existence with just £16,700 and a food bill of £67 per week (Lidl/Aldi).

With the return of higher inflation, many retired people struggle to meet the rising cost of food, fuel and council tax, let alone home maintenance and overseas trips or cruises in the sun.

Many resort to the booming “equity release mortgage” industry to give them a lifetime re-mortgage on their home to help make ends meet.

How much do you need in cash to provide an annuity pension of £50,000 per year?

What is an annuity?

Are there alternative options?

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