Overview

• The retirement living standards framework sets three tiers of annual income needs—minimum, moderate and comfortable—to guide future spending based on current lifestyle costs.
• Under the minimum tier retirees can afford a week-long holiday anywhere in the UK within their budgeted outgoings.
• Those at the moderate level can finance a two-week three-star all-inclusive Mediterranean break along with an off-peak UK weekend.
• Retirees in the comfortable tier can fund a four-star Mediterranean fortnight and three long weekends in the UK.
• Pensions UK advises individuals to review savings, maximise employer pension contributions and plan early for their preferred retirement lifestyle.