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| "Unlock Your Dream Retirement: Find Out How Much You REALLY Need to Live Comfortably!" |
The cost of retirement varies from person to person, as some individuals retire without a mortgage, while others may need to include rent or loan payments in their budget.
While the exact amount required for retirement differs, there are potential guidelines that can provide assistance.
The Retirement Living Standards introduced by the Pension and Lifetime Savings Association (PLSA) are based on independent research conducted by Loughborough University. These standards are designed to help individuals visualize the potential lifestyle they could afford during retirement.
The Retirement Living Standards are divided into three categories: minimum, moderate, and comfortable.
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| "Staycation holiday destination UK" |
The criteria encompass a variety of usual commodities and services, accompanied by an approximate expense associated with each category.
Additional expenditures such as mortgages, rent, costs for social care, and taxes on pension income are not integrated into these standards. As a result, it is advisable for individuals to seek self-sufficient financial counsel tailored to their specific circumstances.
The figures for the diverse levels denote the income post-tax necessary.
The minimum standard addresses "fundamental requirements with an allocation for leisure," allowing for dining out once a month and a week-long domestic getaway annually.
For a solitary individual, this computes to £12,800 at present, or £14,300 for those residing in London.
For couples, the corresponding amounts are £19,900 and £22,400 for London.
The moderate tier furnishes "increased financial stability and adaptability."
With this revenue, retirees may potentially afford multiple monthly dining excursions, embark on an annual overseas vacation, and possess a three-year-old automobile that gets replaced every decade.
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| Beach sea holiday |
Currently, the amounts are £23,300 for singles (£28,300 in London) and £34,000 for couples (£41,400 in London).
The comfortable retirement level provides "increased financial independence and certain luxuries."
Presently, the estimated cost is £37,300 for singles (£40,900 in London) or £54,500 for couples (£56,500 in London).
According to the Retirement Living Standards, individuals with a "comfortable" income could afford to enjoy three weeks of European holidays each year and own a two-year-old car replaced every five years.