Two years since its last update, the Pensions and Lifetime Savings Association (PSLA) has revealed some changes to its 'rules of thumb' for retirement spending in its Retirement Living Standards, which include a higher personal grooming budget, more money for eating out and the inclusion of a Netflix subscription.
The Retirement Living Standards are pitched at three levels: minimum, moderate and comfortable. They aim to help people picture the lifestyle they look for when they retire while understanding the cost. They describe the cost of three different baskets of goods that comprise household bills, food and drink, transport, holidays and leisure, clothing, and social and cultural participation. "The PLSA's ‘Retirement Living Standards' provide a valuable benchmark against which people can think about their pension planning, and it makes sense to update those standards in line with what retir...
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