The Retirement Living Standards have been created by the Pensions and Lifetime Savings Association in consultation with leading pension industry experts to help you think in a practical way about what you’ll need or want to spend your money on in retirement.
To help you understand where you might end up, they have created a series of examples to indicate what kind of living standard different people could have in retirement depending on their salaries, household and savings.
What are the standards?
To keep things simple, the Retirement Living Standards are three levels of expenditure to help savers understand how much money they will need to live the lifestyle they want in retirement.
Inspired by, and similar to, the system used in Australia, the Standards provide a benchmark level of annual income to fund different standards of living in retirement. Each Standard is based around a basket of goods and services and also takes into account different circumstances (living inside or outside London; single or couple).

When you bear in mind that the full State Pension for 2021/22 is £9,339 per annum, you can see that there is a definite need for pension savings.
To find out more about the Retirement Living Standards, go to www.retirementlivingstandards.org.uk.