Retirement cost calculator

Singles Retirement Calculator

Try our singles retirement cost calculator

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Our Singles retirement cost calculator has been updated for 2023/24 to include the lastest UK State Pension figures and minimum income standards and costs for retirement.

We've created this calculator as a generic tool to help give you a 'ballpark' figure to start planning your retirement. Whilst this calculator has been created with the help of retirement experts, it is absolutely not a susbsitute for personalised expert advice and shouldn't be seen as such.

What it does include is up-to-date pre-populated costs for popular activities and purchases based on UK average costs in August 2023, which will help you:

understand the rough numbers around your retirement based on your expenditure
use our simple calculations to help you budget accordingly
gain the confidence to make the right decisions for your future
have the opportunity to receive further, in-depth and tailored advice from our team of investment specialists

How our singles retirement cost calculator works

You want to enjoy the retirement of your dreams; we want to help you get there.

We’ve taken the hard work out of retirement planning with our free calculator. It’s based on up-to-date industry figures and average retirement spending for single people - alongside our own research - to deliver straightforward calculations that will help you budget for your golden years.

Simply run through each step and tell us your financial and lifestyle commitments. We’ll cover the rest.

Why should you use this retirement calculator?

Control your financial future

64% of UK employees aged 45 and over do not know how much money they need to save for a comfortable retirement. We believe it's time to change that. This calculator will put the control back in your hands, kickstarting the process in an easy, empowering way.

Get excited about retirement

Our retirement calculator allows you to handpick all the activities you want to enjoy in retirement… It's designed to be a fun tool to help you gain an exciting picture of what your retirement could look like. Because we believe your retirement should be a cause for celebration.

Put a Plan B in place

Our calculator will help you understand how much you’ll need in retirement so that you can start planning. If you’re worried that you won’t have enough time to hit your goals, it gives you the prompt and opportunity to speak to a financial adviser and put a new plan in place.

Arrange a virtual coffee with a specialist

No hard sales. No obligations. Just an open, honest chat with a retirement specialist to help you understand your current position and hopes for the future.

Book a free call

How much does a single person need to retire?

As a single person, whilst some of your retirement costs might be less than a couples, some of the larger costs that you might encounter in retirement, like living costs and transport and travel can't be shared, so you'll need to budget accordingly.

The minimum recommended amount of income for a single person in retirement in 2023 is £16,996 per year. But that really only covers the basics. PSLA estimates put the figure between £23,300 and £37,300, depending on your desired living standard.

Of course none of these estimates reflect what you need individually. As a rule of thumb as a single person, you'll need around two-thirds of your pre-retirement income to sustain the same standard of living in retirement.

Of course, the best way to work out how much you need to retire is to start with a calculator like the one above and build a retirement plan that's tailored to you.

chart showing UK retirement income standards for a couple from Which, PLSA, and Joseph rowntree foundation

Average UK Retirement Income

The average retired household income in the UK is £26,780 (Office for National Statistics, 2023) although there are no official figures available for single households in retirement.

Research by the Pensions and Lifetime Savings Association shows that, as a single person, you'll need £23,300 a year to enjoy a moderate retirement and £37,300 for a luxury retirement standard. It's easy to see from the UK average retirement income, that most people are nowhere near achieving a luxury retirement income.

But let's look at spending, as anyone who's ever found themselves in their overdraft or facing a hefty credit card bill will attest, income doesn't necesarily reflect how much you're spending. In fact, the latest research by Which? Showed that spending levels vary greatly between pensioners.

On average, the research shows that single people living a basic standard of living are spending around £13,000 a year, those with a moderate or comfortable living standard are spending £20,000 a year (almost double the full State pension amount) and the lucky ones enjoying a luxury retirement are spending around £37,300 a year.

How much should a single person save for retirement?

When it comes to saving for your retirement, it’s best to overestimate how much you’ll need when it comes to money, it’s always better to have more rather than less than you need. As you may not have the earning ability in later years to top up your income.

How much you need to save for retirement as a single person depends on:

How much you've already saved for retirement
Your desired income in retirement
What age you want to retire
What other assets you have to fund or partly fund your retirement
Whether you're eligible for the full state pension

If you're not sure how much you need to save for retirement. A financial advisor can help you build a solid plan to reach your retirement goal.

How we worked out the retirement costs for a single person

This calculator is designed to be used a general guide, it can be a useful tool for retirement planning but it’s not designed to replace professional, tailored advice. We used part research, part average figures to work out these costs details of which can be found here:

Basic Retirement Costs for a single person 2023

We’ve used the Joseph Rowntree Foundation’s Minimum Income Standard to set our basic retirement costs.

This figure is for a single pensioner and was updated in 2023 and now cost £16,996 a year.

Basic retirement costs cover the minimum amount that is needed to have an acceptable living standard.

The figure is set by focus groups that represent the general public within defined demographic brackets.

The figures allow for Housing and household goods including council tax and utilities as well as rent or mortgage interest payments.

If you have paid off your mortgage you may find that this figure is too high – remember these figures are based on averages and this calculator is designed as a guide.

Home maintenance & redecoration

The basic retirement costs allow for bills and rental payments, but home maintenance costs can add up.

According to CheckaTrade you should budget 1% of your home's value in maintenance every year to maintain its worth, so on a UK average home price of £290,000, that's £2900 a year.

Research carried out by Onepoll.com showed that brits spend a further £505 on decorating and £203 on DIY.

It can be a significant cost for single people especially, who have no one to share the costs with.

Dog ownership costs in retirement

We’re known as a nation of dog lovers. Our four-legged friends have been known to improve your mental health, get you out and about, and may even hold the key to a restful night’s sleep!

But all that unconditional love and companionship is not without its cost. The cost of food, treats, vet bills and pet insurance can easily mount up. with pet charity PDSA estimating that the cost of having a dog can average up to £2750 per year over its lifetime.

You can't put a price on loyalty... actually you can. @PDSA estimate our four-legged friends can cost on average £2750 a year. Our new calculator helps you budget for your fur-babies in retirement https://t.co/8CM6qM4wJ5 #retirement #dogs pic.twitter.com/maKliWLDJK
— 2020 Financial (@simonpgarber) November 4, 2020

Gardening costs in retirement

Gardening can help reduce anxiety, depression and help keep you trim, and has also been shown to improve life satisfaction, quality of life, and foster a sense of community. According to a 2016 survey by Policy Expert, Brits spend an average of £345 per year on plants and ornaments.

9 hobbies that are scientifically proven to boost your happiness in retirement https://t.co/3QL0Pwg84o #retirement #Happiness pic.twitter.com/0ZKCFDr4uD
— 2020 Financial (@simonpgarber) September 1, 2020

TV Package (Sky/Virgin/BT)

People in later retirement tend to spend more time at home, so you might want to budget for some sort of entertainment package.

It’s definitely worth shopping around for deals on TV packages as they can be fairly pricey.

If you're an Amazon Prime Customer you get access to their on-demand TV and film service as part of your package so you may be able to forgo this cost, but don't forget to add in the cost of that subscription to your retirement budget.

We’ve budgeted for a mid-range Sky or Virgin package at £40 a month.

Recreation and Leisure costs for retirement

Spending on recreation shouldn’t be overlooked, especially in retirement.

Often retiring can move you away from a workplace environment with a built-in social support network, therefore enjoying activities that foster new connections in retirement is incredibly important.

The activities you choose in retirement can impact your happiness and several are even proven to improve your health and mental well-being

Research for the Office of National Statistics in 2017 revealed that households in the 65-to-74-year-old age group spent nearly a fifth of their total spending on recreation and culture.

We've included the following costs:

Gym Membership

Staying active in retirement is incredibly important for your general health and longevity. Twice weekly strength training is recommended by the NHS to reduce frailty and improve mobility in old age. In the UK, a gym membership will set you back, on average £500 a year.

Yoga twice a week

Yoga has numerous benefits for health and wellbeing and is a great activity for people of all ages. The cost of yoga classes across the UK vary wildly, we’ve used an average of £10 per class and assumed 2 classes a week for 48 weeks of the year to allow for holidays.

Golf Club Membership

Golf membership costs and green fees have increased massively over the last few years with nearly 40% of clubs charging between £1,000-£1,612 a year and 36% of clubs charging over £1,612. We've allowed £1500 a year as an average figure.

However, if you start entering competitions then costs can climb. Figures from Santander whose App tracks users spending, golfers spend an average of £22 a month on golf clothing, £47 a month on golf club membership, £29 a month on golf equipment and £23 a month on competition fees. When you add in other costs like travel and accommodation if playing further afield, the total cost of playing golf comes out at £214 a month.

Tennis Club Membership

We’ve allowed £250 a year for local tennis club membership. If you wish to add tennis on to your health club membership it is likely you’ll pay a similar supplement on top of your standard rate.

Cycling (club membership, kit & maintenance)

The popularity of recreational cycling peaked after Britain’s success in the 2012 Olympics and it doesn’t appear to be waning. Julian Porter, an avid cycling fan who started cycling in his 50s and now runs JP Cycling advises that his annual club fees are £20 and maintenance for an average mileage would be around £60. (If you’re doing 100+ miles a week maybe double that with tyres).

Expect a good bike to set you back around £400 and he also cautions against being drawn into paying more than that “You only need a better bike if you ride LOTS Over £1000 you pay for weight so not really relevant for non-competitive cycling”. A full set of leisure cycling kit comes in at under £100 including a lightweight shower jacket. A decent helmet about £30. British Cycling membership starts at £20 and includes liability insurance which is a bargain.

All-in, we’ve allowed £300 a year assuming you spend £100 on kit and helmets every year and replace your bike every 4 years.

Theatre trip once a month

According to The Stage, the average top-tier ticket price in the West End is now £141.37, allowing £30 for dinner beforehand and £20 for a taxi or train we’ve calculated a monthly trip to the theatre will set you back around £2296.44 a year.

Dinner with Friends every fortnight

We’ve budgeted an average of £60 per meal once a fortnight to enjoy dinner out with friends.

Shopping Trips (4 per year)

The average Brit spends £1042 on new clothes each year. We’ve split this across 4 shopping trips and allowed £30 per trip for lunch, coffee and parking/bus

Weekly coffee & cake with friends

We’ve allowed £7.50 a week for coffee and a cake, based on the average price of a Costa Coffee Cappuccino and Victoria Sponge Muffin.

Weekly Sunday Pub Lunch

A Sunday roast enjoyed by a roaring pub fire after a brisk walk is one of the great British traditions. The average pub roast dinner now costs £15.42 and with the average pint of lager now costing £4.56 (Office of National Statistics figures May 2023).

Transport & holiday costs for a single person in retirement

Travel is one of the top ambitions people have for their retirement so it’s not surprising it’s an area where people spend the lion’s share of their money.

Research by consumer group Which? showed that on average single retirees enjoying a comfortable retirement are spending £3134 a year on European travel & holidays and those enjoying a luxury retirement are spending an additional £5160 on long-haul travel.

Car costs for a single person in retirement

Gifts and donations

Christmas

It’s estimated that the average grandparent spends £167 on their grandchildren alone at Christmas. With the average person in the UK spending £923 on Christmas in total including gifts, decorations, food and drink, it’s an area that’s worth including in your retirement budget if you don’t want to be caught short.

Gifts for family

Many of our clients want to help children or grandchildren get on the property ladder, or assist with university fees.

Information provided by Prudential shows that almost a third of those looking to retire in 2018 were spending on average £4300 per year supporting up to three family members ranging from children, grandchildren and in some cases, even parents.

State pension for a single person 2023/24

We’ve included the option to deduct the full state pension amount , which is £10,600 for 23/24 from your retirement budget, so you can see how much extra you’ll need to save for retirement (click here for an early retirement calculator).

Please note, not everyone will be eligible for the full state pension.

To qualify for the full state pension, you’ll need 35 qualifying years of national insurance contributions.

To get anything at all you need a minimum of 10 years NI contributions and the amount you’ll receive will be pro-rated. Use the free government website to get an accurate state pension forecast

Frequently Asked Questions

What are the steps in retirement planning?

Retirement planning doesn't have to be complicated, with the right plan in place, and the right support, your dream retirement can feel like a breeze.

We've laid out some simple steps in retirement planning below, but if you get stuck, just reach out and one of our retirement planning specialists will be happy to help you:

Decide what type of retirement you want to enjoy
Set a retirement date
Work out a retirement budget based on what feels like a good retirement income for you.
Request a pension forecast - request your state pension forecast here https://www.gov.uk/check-state-pension
Get your pension estimates - track down old pensions with the Pension Tracing Service (0800 731 0193)
Talk to a Financial Advisor to create a retirement plan, work out how you will pay down any debt and if it's worth consolidating any old pensions
Put your retirement plan in action and look forward to enjoying your retirement.
Don't forget to periodically review your plans every year to make sure you're on track, because circumstances can change and the earlier you respond the more time you have to course correct.

How much does a single person need to retire?

The minimum recommended income in 2020 for a single person in retirement is £9610 per year.

But you don't want to be planning your retirement based on the minimum amount that you can live off.

Retirement is there to be enjoyed and we want to help you get there.

How much a single person needs to retire on depends on two things;

(1) the age you want to retire, and

(2) your income expectations.

Research says you need around £20,000 a year for a comfortable retirement and £33,000 a year for a ‘luxurious’ one.

But these figures are based on averages and we're pretty sure that there's nothing average about you. Which is why we designed this calculator to help you work out exactly how much you'll need as a single person in retirement

How much do I need to retire at 55?

The minimum recommended income in retirement is £9,609 a year so if you retire at 55 you'll need at least £105,699 to last until your state pension kicks in at 66.

But that's based on the current state pension age and some of us won't receive our state pension until we're 68.

It's also assumes you'll be comfortable living on the minimum amount recommended for retirement, but if you're hoping to enjoy a comfortable retirement experts estimate you'll need between £15,000 to £40,000 a year.

So you could need anywhere between £165,000 and £520,000 to retire at 55, and that only gets you to state retirement age.

You'll still need to budget to top up your state pension once you get to state pension age.

*all of these assumptions are based on you depleting your pension pot and don't allow for you to pass wealth on.

Read our Full article here: How much do I need to retire at 55

Can I retire at 55 with £300K

You could just about retire at 55 with £300k in the UK, as this might reasonably give you £9-12K income a year sticking to the recommended 3-4% a year safe withdrawal rate. However that barely covers minimum income standards in the UK, much less provides for a comfortable retirement.

If you are considering retirement at 55 with 300K in your pension pot there are 4 important questions worth asking yourself.

How much money do you need each year?
Do you have any other income?
What are your retirement lifestyle goals?
How long do you need 300K to last?

Read the full article here Can I retire at 55 with £300K

Can I Retire at 55 with £400k?

You can retire at 55 with £400k in the UK, as this might reasonably give you £12-16K income a year sticking to the recommended 3-4% a year safe withdrawal rate.

However that only just about covers minimum income standards in the UK for a single person and is less than the £18K a couple will need for a basic retirement according to industry estimates.

If you can live on 12K-£16K per year. Great. But if your income needs are greater you might struggle. For instance, if you plan to take 50K per year your pension pot will be gone in around 8 years. So you need to do your homework before you make a decision.

Read the full article

Can I Retire With 1 Million Pounds?

Retirement, like most things is subjective. What seems like a lot to one person is a mere drop in the ocean to someone else.

So Yes, you can retire with 1 million pounds in the UK, and it would reasonably give you an annual income of £30,000 to £40,000 providing you stick to the recommended safe withdrawal rate of 3 to 4%.

However, whether you want to retire on a million pounds will depend on your retirement aspirations.

Remember that if you're in a couple your combined retirement pot will need to provide for both of you.

Want to learn more? Read the full article here: Can I retire with 1 million pounds

How much should I invest in my pension?

To decide how much you need to save in a pension you need to pinpoint what type of retirement you aspire to – whether that be a comfortable or luxurious one – and build your investment plan accordingly. And then the golden rule? Get started as early as possible.

In 2018, Fidelity released a valuable piece of research that caused waves across the industry. They stated that as a rule of thumb, people should aim to save at least 1 x their salary by the age of 30, 3x by 40, 6 x 50 and 8x by 60 so that they could land a 10x investment by the time they were 67.

Read the full article: How much should I invest in my pension (+at what age)

DOWNLOAD OUR FREE EXPERT GUIDE

Fancy digging a little deeper on what you need to put in place for a comfortable retirement? Take a look at our free guide.

Download the definitive guide to comfortable retirement planning

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Financial advisor Simon Garber answering Can I retire at 55 with 300K

Can I Retire at 55 with £300k? + How Long it Will Last

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How Much Does a Single Person Need to Retire in the UK?

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Singles Retirement Calculator

How our singles retirement cost calculator works

Why should you use this retirement calculator?

Control your financial future

Get excited about retirement

Put a Plan B in place

How much does a single person need to retire?

Average UK Retirement Income

How much should a single person save for retirement?

How we worked out the retirement costs for a single person

Gym Membership

Yoga twice a week

Golf Club Membership

Tennis Club Membership

Cycling (club membership, kit & maintenance)

Theatre trip once a month

Dinner with Friends every fortnight

Shopping Trips (4 per year)

Weekly coffee & cake with friends

Weekly Sunday Pub Lunch

Christmas

Gifts for family

Frequently Asked Questions

Fancy digging a little deeper on what you need to put in place for a comfortable retirement? Take a look at our free guide.

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