• Contact us
  • About us
  • Digital edition
  • Online archive
Tuesday, May 20, 2025
Cumberland and Westmorland Herald
  • News
    Turning 75: the impact on tax-free cash, pension tax relief and death benefits

    Turning 75: the impact on tax-free cash, pension tax relief and death benefits

    Appleby Horse Fair 2025: ‘Extensive’ police measures in place

    Appleby Horse Fair 2025: ‘Extensive’ police measures in place

    Man exposes himself near Penrith car park

    Man exposes himself near Penrith car park

    £7m for two major Penrith projects

    £7m for two major Penrith projects

    Appleby flood scheme work to pause for town’s horse fair

    Appleby flood scheme work to pause for town’s horse fair

    Man arrested after police drugs raid in Penrith

    Man arrested after police drugs raid in Penrith

    Man fined after abandoning car at Penrith Railway Station for several weeks

    Man fined after abandoning car at Penrith Railway Station for several weeks

    Appleby Show team rallies round as treasured event under threat

    Appleby Show team rallies round as treasured event under threat

    Big splash as Lazonby Pool reopens after revamp

    Big splash as Lazonby Pool reopens after revamp

  • Sport
    New boss revealed for Penrith AFC

    New boss revealed for Penrith AFC

    Penrith Panthers celebrate winning season

    Penrith Panthers celebrate winning season

    Darren Edmondson leaves Penrith AFC

    Darren Edmondson leaves Penrith AFC

    Lucy plays key role in county T20 triumph

    Lucy plays key role in county T20 triumph

    Gold for Keith in annual festival of orienteering

    Gold for Keith in annual festival of orienteering

    Cumberland and Westmorland wrestlers head to European championships

    Cumberland and Westmorland wrestlers head to European championships

    Kirkby Stephen Hockey Club win league title

    Kirkby Stephen Hockey Club win league title

    Dedicated Eden football volunteer wins major award

    Dedicated Eden football volunteer wins major award

    10-year-old footballer Casper Ostrowski snapped up by Morecambe

    10-year-old footballer Casper Ostrowski snapped up by Morecambe

  • Obituaries
  • Nostalgia
  • Online archive
  • Buy Photos
  • Buy your paper
  • North Lakes Living
No Result
View All Result
Cumberland and Westmorland Herald
  • News
    Turning 75: the impact on tax-free cash, pension tax relief and death benefits

    Turning 75: the impact on tax-free cash, pension tax relief and death benefits

    Appleby Horse Fair 2025: ‘Extensive’ police measures in place

    Appleby Horse Fair 2025: ‘Extensive’ police measures in place

    Man exposes himself near Penrith car park

    Man exposes himself near Penrith car park

    £7m for two major Penrith projects

    £7m for two major Penrith projects

    Appleby flood scheme work to pause for town’s horse fair

    Appleby flood scheme work to pause for town’s horse fair

    Man arrested after police drugs raid in Penrith

    Man arrested after police drugs raid in Penrith

    Man fined after abandoning car at Penrith Railway Station for several weeks

    Man fined after abandoning car at Penrith Railway Station for several weeks

    Appleby Show team rallies round as treasured event under threat

    Appleby Show team rallies round as treasured event under threat

    Big splash as Lazonby Pool reopens after revamp

    Big splash as Lazonby Pool reopens after revamp

  • Sport
    New boss revealed for Penrith AFC

    New boss revealed for Penrith AFC

    Penrith Panthers celebrate winning season

    Penrith Panthers celebrate winning season

    Darren Edmondson leaves Penrith AFC

    Darren Edmondson leaves Penrith AFC

    Lucy plays key role in county T20 triumph

    Lucy plays key role in county T20 triumph

    Gold for Keith in annual festival of orienteering

    Gold for Keith in annual festival of orienteering

    Cumberland and Westmorland wrestlers head to European championships

    Cumberland and Westmorland wrestlers head to European championships

    Kirkby Stephen Hockey Club win league title

    Kirkby Stephen Hockey Club win league title

    Dedicated Eden football volunteer wins major award

    Dedicated Eden football volunteer wins major award

    10-year-old footballer Casper Ostrowski snapped up by Morecambe

    10-year-old footballer Casper Ostrowski snapped up by Morecambe

  • Obituaries
  • Nostalgia
  • Online archive
  • Buy Photos
  • Buy your paper
  • North Lakes Living
No Result
View All Result
Cumberland and Westmorland Herald
No Result
View All Result
Home Expert advice
This article appears as part of a paid partnership with Armstrong Watson

How much will you need to retire? Required retirement income rises by up to 34%

By Justin Rourke, head of advice, Armstrong Watson Financial Planning

by CWH
14 June 2024
in Expert advice, News
A A
Share on FacebookShare on Twitter
Justin Rourke

The expected level of income needed in retirement has risen sharply with new research from the Pensions and Lifetime Savings Association (PLSA) revealing increases to its Retirement Living Standards for all retirement lifestyles.

The PLSA’s Retirement Living Standards have been developed as a guide to help people plan and save the required amount for their desired standard of living in retirement at three levels – Minimum, Moderate and Comfortable.

For a moderate retirement lifestyle for a single person, the income need has risen by 34% since the last data 12 months ago.

PLSA Retirement Living Standards – single person2024 level of incomePrevious level % increase
Minimum£14,400£12,80013%
Moderate £31,300£23,30034%
Comfortable £43,100£37,30016%
PSLA: Updated figures (excluding London) February 2024
PLSA Retirement Living Standards – couple2024 level of incomePrevious level % increase
Minimum£22,400£19,00018%
Moderate £43,100£34,00027%
Comfortable £59,000£54,500 8%
PSLA: Updated figures (excluding London) February 2024

PSLA says a shift in the increasing importance people place on spending time with family and friends outside of the home, and increases to the cost of living have largely impacted the levels of retirement income.

This news comes after a year of rising inflation and interest rates which has often seen savers prioritise short term needs over long term retirement planning.

The State Pension triple lock has also provided people with peace of mind. The recent increase of 8.5% will see the State Pension exceed £11,500 per annum for a number of people.

However, this still falls short of the minimum suggested income need, and the State Pension will not always fall in line with our own individual retirement aspirations, often we will wish to retire sooner than 67 or 68.

What can you do?

The good news is that for many there is still time to take control of your retirement planning.

Workplace pension schemes (through automatic enrolment) have largely been a success with high numbers of employees remaining opted in and benefiting from both employee and employer pension contributions. A number of employers offer above minimum contribution levels and many schemes tend to offer good value and a range of investment options.

Personal pensions have also benefited from a number of positive legislation changes over the last 12-18 months.

  • Annual Input Allowance increased to £60,000 (subject to earned income).
  • Money Purchase Annual Allowance increased to £10,000.
  • Tapered threshold increased to £260,000 for high earners.
  • Lifetime allowance tax charge was abolished.

Additionally, there is access to advice irrespective of whether you have a personal pension, are a member of a workplace pension or don’t yet have one.

Cash flow modelling is a powerful tool to allow you to see the ways of meeting your retirement objectives, and, when used in regular annual reviews, allows you to make adjustments as required.

If you have not reviewed your retirement planning or would like to discuss how changes to Retirement Living Standards could impact you, please get in touch by emailing help@armstrongwatson.co.uk or call 0808 1445575 to speak to a financial planning consultant.

Related Posts

Turning 75: the impact on tax-free cash, pension tax relief and death benefits
Expert advice

Turning 75: the impact on tax-free cash, pension tax relief and death benefits

18 May 2025
Appleby Horse Fair 2025: ‘Extensive’ police measures in place
News

Appleby Horse Fair 2025: ‘Extensive’ police measures in place

18 May 2025
Man exposes himself near Penrith car park
Latest

Man exposes himself near Penrith car park

18 May 2025
£7m for two major Penrith projects
Latest

£7m for two major Penrith projects

18 May 2025
Appleby flood scheme work to pause for town’s horse fair
Latest

Appleby flood scheme work to pause for town’s horse fair

16 May 2025
Man arrested after police drugs raid in Penrith
Latest

Man arrested after police drugs raid in Penrith

16 May 2025
No Result
View All Result

Stay connected

Facebook Twitter Instagram

Most popular

Man arrested after police drugs raid in Penrith

Man arrested after police drugs raid in Penrith

16 May 2025
Turning 75: the impact on tax-free cash, pension tax relief and death benefits

Turning 75: the impact on tax-free cash, pension tax relief and death benefits

18 May 2025
Appleby Show team rallies round as treasured event under threat

Appleby Show team rallies round as treasured event under threat

16 May 2025
£7m for two major Penrith projects

£7m for two major Penrith projects

18 May 2025
Annie Kindleysides – a woman with boundless energy

Annie Kindleysides – a woman with boundless energy

16 May 2025
Man exposes himself near Penrith car park

Man exposes himself near Penrith car park

18 May 2025
Cumberland and Westmorland Herald Logo

33 Middlegate
Penrith
Cumbria
CA11 7SY

Phone: 01768 862313
Email: news@cwherald.com

Registered in England as Barrnon Media Limited. No: 12475190
VAT registration number: 343486488

Explore

  • News
  • Sport
  • Farming
  • Property
  • Obituaries
  • Nostalgia
  • Your view

Useful links

  • Contact us
  • Photosales
  • Online archive
  • Buy your paper
  • Digital edition
  • North Lakes Living
  • Advertise
  • About us

Follow us on

© Barrnon Media Limited 2020

Terms & Conditions / Privacy Policy / Cookie Policy

This website and its associated newspaper are members of the Independent Press Standards Organisation
IPSO Logo
Review Your Cart
0
Discount
Add Coupon Code
Subtotal
Total Installment Payments
Bundle Discount
Checkout

 
0
No Result
View All Result
  • Home
  • News
  • Sport
  • Obituaries
  • Nostalgia
  • Online archive
  • more
    • North Lakes Living
    • Buy Photos
    • Buy your paper
    • About us
    • Contact us

© 2020 Cumberland & Westmorland Herald