If you are retirement planning in Cheshire, new research has shed some light on how much the average Briton needs to save for life after work.
This follows earlier findings by consumer magazine Which? in 2024, which found that just over half of those asked (51%) felt they weren’t sufficiently confident of how much they would need to fund a comfortable retirement.
While people are advised to start saving as early as possible in life, it is useful to have a clear idea of what to strive for.
When you put money into a pension pot, you are eligible for tax relief. In June 2025, the Pension and Lifetime Savings Association (PLSA) produced a three-tier ‘retirement living standards’ guide that factored in expenditure costs for both single and multiple occupant households – including expenses such as utility bills and home insurance. For instance, the minimum figure for a single-person household stood at £13,400, whereas a comfortably off couple might be looking at £60,600.
The UK State Pension age is scheduled to rise to 67 from 2026, and will be set at £230.25 a week – although not everyone will be entitled to the full amount. To help people save more, the Government has appointed a Pensions Commission, which will also address concerns the International Monetary Fund has expressed about the impact of an ageing UK population and mounting pension costs on GDP. According to figures from the Institute for Fiscal Studies (IFS), average pensioner incomes rose by 22% in the decade from 2002 to 2011.
