A report by the Pensions and Lifetime Savings Association (PLSA) indicates that lower energy prices have reduced the cost of a basic retirement living standard in the UK, with a single person needing £1,000 less annually. However, costs for moderate and comfortable retirement lifestyles have increased. The report, developed by Loughborough University, provides guidance for retirement planning, noting that younger generations are less confident about owning their homes outright by retirement.
Lower energy costs make retirement less expensive
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TL;DR: Key points with love ❤️A report by the Pensions and Lifetime Savings Association (PLSA) indicates that lower energy prices have reduced the cost of a basic retirement living standard in the UK, with a single person needing £1,000 less annually. However, costs for moderate and comfortable retirement lifestyles have increased. The report, developed by Loughborough University, provides guidance for retirement planning, noting that younger generations are less confident about owning their homes outright by retirement.
Trending- 1 Annually: PLSA estimates retirement living standards.
- 2 Recently: Domestic gas and electricity bills decreased.
- 3 Recently: Rail fares increased.
- 4 Monday: UK Finance reported on first-time buyer mortgages.
- Cost of minimum retirement living standard has decreased
- Cost of moderate and comfortable retirement living standards has increased
- Guidance for retirement planning updated
- Younger generations are less confident about mortgage-free retirement
What: A report found that lower energy costs have reduced the expense of a basic retirement living standard, but higher standards are more expensive.
When: Annually (PLSA estimates); recently (lower domestic gas and electricity bills).
Where: UK.
Why: Lower domestic energy bills are the main reason for reduced basic retirement costs, while other costs (like rail fares) and lifestyle expectations have increased for higher standards.
How: The Pensions and Lifetime Savings Association (PLSA), with calculations by the Centre for Research in Social Policy at Loughborough University, estimates annual income levels needed for minimum, moderate, and comfortable retirement standards.