Living standards comparison table

How does compare

The Pensions and Lifetime Savings Association (PLSA) have developed the Retirement Living Standards to help us to picture what kind of lifestyle we could have in retirement. The standards show you what life in retirement looks like at the three di­fferent levels, and what a range of common goods and services would cost for each level.

 

Explore them below:

 

 

 

House

Food

Transport

Holiday and Leisure

Clothing and personal

Helping others

minimum

Required annual pension income:

£22,400 – £43,099

In summary:

A ‘minimum’ lifestyle covers all your needs, with some left over for fun and social occasions. You could holiday in the UK, eat out about once a month and do some affordable leisure activities about twice a week.

Average monthly spend: £1,867

House

DIY £100 a year to maintain condition of your property.

Average monthly spend: £519

Food

Around £95 a week on groceries, £50 a month per couple on food out of the home, £30 a month per couple on takeaways.

Average monthly spend: £526

Transport

No car, £15 per week for the couple on taxis, £100 per year per person on rail fares.

Average monthly spend: £85

Holiday and Leisure

A week long UK holiday. Basic TV and broadband plus a streaming service.

Average monthly spend: £348

Clothing and personal

Up to £630 for clothing and footwear each year.

Average monthly spend: £331

Helping others

£20 for each gift and £50 per person a year for charity donations.

Average monthly spend: £58

moderate

Required annual pension income:

£43,100 – £58,999

In summary:

A ‘moderate’ lifestyle provides more financial security and more flexibility. You could have one foreign holiday a year and eat out a few times a month. You’d have the opportunity to do more of the things you want to do.

Average monthly spend: £3,594

House

£500 a year to maintain condition of your property, £300 contingency.

Average monthly spend: £818

Food

Around £100 a week on groceries, £60 a week per couple on food out of the home, £20 a week per couple on takeaways, £100 a month to take others out for a monthly meal.

Average monthly spend: £938

Transport

3 year old small car, replaced every 7 years, £20 a month on taxis per household, £100 a year on rail fares per person.

Average monthly spend: £383

Holiday and Leisure

A fortnight 3* all inclusive holiday in the Med and a long weekend break in the UK. Basic TV and broadband plus two streaming services.

Average monthly spend: £790

Clothing and personal

Up to £1,500 for clothing and footwear each year.

Average monthly spend: £476

Helping others

£30 for each gift, £200 per household a year for charity donations. £1,000 for supporting family members e.g. paying for grandchildren activities, treats, trips etc.

Average monthly spend: £189

comfortable

Required annual pension income:

£59,000 +

In summary:

A lifestyle that allows you to be more spontaneous with your money. You could have a subscription to a streaming service, regular beauty treatments, a foreign holiday and several UK minibreaks a year.

Average monthly spend: £4,917

House

£500 a year to maintain condition of your property, £300 contingency.

Average monthly spend: £1,106

Food

Around £100 a week on groceries, £60 a week per couple on food out of the home, £20 a week per couple on takeaways, £100 a month to take others out for a monthly meal.

Average monthly spend: £1,199

Transport

3 year old small car, replaced every 7 years, £20 a month on taxis per household, £100 a year on rail fares per person.

Average monthly spend: £450

Holiday and Leisure

A fortnight 3* all inclusive holiday in the Med and a long weekend break in the UK. Basic TV and broadband plus two streaming services.

Average monthly spend: £1,291

Clothing and personal

Up to £1,500 for clothing and footwear each year.

Average monthly spend: £651

Helping others

£30 for each gift, £200 per household a year for charity donations. £1,000 for supporting family members e.g. paying for grandchildren activities, treats, trips etc.

Average monthly spend: £220