Research by the Centre for Research in Social Policy at Loughborough University estimates that a single retiree now needs around £13,900 a year for a basic lifestyle, £32,700 for a moderate retirement and £45,400 for a more comfortable standard of living. For couples, the equivalent figures are £22,500, £45,400 and £62,700.
The findings come amid ongoing concerns about retirement preparedness, with around 2.8 million pensioners (23%) estimated to have incomes below a socially acceptable living standard in 2023/24.
Pensions UK said the updated figures highlight a growing gap between current saving levels and the retirement lifestyle many people hope to achieve.