Inflation drives 18% surge in “minimum” cost of retirement

Retirees trying to achieve a basic standard of living have seen their costs soar over the past year due to high inflation. We explain how much you now need to retire comfortably and how to boost your pension savings

Senior man and woman making salad in a bowl
(Image credit: © Getty images)

The cost of a “minimum” standard of living in retirement has soared by almost 20%, as retirees face a big jump in food and energy bills.

Pensioners now need an annual income of £12,800, up from £10,900 a year ago - an 18% increase - to achieve a basic lifestyle. For a couple, a combined annual income of £19,900 is needed, up from £16,700.

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Ruth Emery
Contributing editor

Ruth is an award-winning financial journalist with more than 15 years' experience of working on national newspapers, websites and specialist magazines.

She is passionate about helping people feel more confident about their finances. She was previously editor of Times Money Mentor, and prior to that was deputy Money editor at The Sunday Times. 

A multi-award winning journalist, Ruth started her career on a pensions magazine at the FT Group, and has also worked at Money Observer and Money Advice Service. 

Outside of work, she is a mum to two young children, while also serving as a magistrate and an NHS volunteer.