Retirement warning over exact amount single pensioner needs in pot to be comfortable | Personal Finance | Finance [Video]

Single pensioners need £277,500 more in their pension pot to secure a ‘moderate’ standard of living in retirement than pensioner couples, new research has found.

New analysis by Standard Life highlights the additional savings that single people need to build up for retirement, compared to pensioner couples who benefit from shared costs in retirement.

Single retirees who want to achieve a minimum living standard, which includes enough for the basics and one week’s holiday in the UK a year but no car, would require an annual income after tax of £14,400 according to the Pension and Lifetime Savings Association Retirement Living Standards.

Assuming a full state pension (£11,502.40 a year) is received, a retiree needs an income of £3,355.10 before tax each year to maintain this standard of living.

In comparison, pensioner couples need an annual income of £22,400 to reach the same standard of living, however this would be covered by two full state pensionsmeaning they would …