Lower energy costs make retirement less expensive

Lower energy costs are making retirement less expensive according to a report from the Pensions and Lifetime Savings Association (PLSA). The cost of a basic retirement has decreased, with a one-person household needing £13,400 a year for a minimum living standard. However, those seeking a higher quality of life in retirement will require an increased income, reflecting varying lifestyles and expenses in retirement planning. Experts find the report useful for retirement planning advice, emphasizing the importance of understanding expenses and using online calculators to assess financial readiness.