The 2026/27 Retirement Living Standards: how much you'll actually need to retire

What are the 2026/27 Retirement Living Standards

They're the clearest public benchmark for what retirement actually costs in the UK, updated on 3 June 2026 by Pensions UK and Loughborough University. For a single person, minimum living costs £13,900 a year, moderate costs £32,700, and comfortable costs £45,400. A couple needs £22,500, £45,400 and £62,700.

Minimum covers your basic needs and a UK holiday. Moderate adds a European trip and the odd new kitchen. Comfortable means several holidays a year and a newer car. Housing costs are excluded, on the assumption you own your home outright, worth noting if you're still paying a mortgage in your fifties.

Does the state pension cover any of this

Not on its own. The full new State Pension for 2026/27 is £241.30 a week, or £12,548 a year, just below the minimum single standard of £13,900 (gov.uk, 2026/27 rates). Almost everyone relies on workplace pensions or savings to close that gap.

The same research found that around 82% of working-age people are on track for the minimum standard, but that drops to 23% for moderate and just 9% for comfortable. The lifestyle most people picture, holidays abroad, a decent car, spare capacity, is one fewer than one in four are funding.

Why do these figures land harder for women

Because the averages hide a gap that's about gender, not just income. Research published in March 2026 by Mercer, now:pensions and the Pensions Policy Institute found that women retire with private pension savings worth around 55% less than men, roughly £105,000 compared with £232,000 at 67, a gap of about £127,000 that widens further from the mid-seventies onward.

If you've taken maternity leave, reduced your hours for childcare, or stepped back to care for a parent, your contributions likely paused just as your male peers kept compounding. It shows up later, as a smaller pot stretched across a longer retirement, since women in the UK live on average four years longer than men.

How do you actually check where you stand

Start with your State Pension forecast, add what your pensions are likely to produce, and compare the total against the standard for your household. Get your forecast free through your Personal Tax Account on gov.uk, and check each provider's online forecasting tool. Doing this once a year, not once a decade, is what keeps the number honest.

It's also worth checking whether you're comparing yourself to the single or couple standard. Combining pensions with a partner to reach a joint £45,400 target is a different sum from each of you needing that amount alone.

From Lucy, co-founder of Welleness

I still remember the first time I actually looked at my pension forecast rather than assuming it was probably fine. It wasn't dramatic, just me on the sofa on a Tuesday evening, logging into a portal I'd been putting off for months. The number was lower than I'd hoped and higher than I'd feared, which is probably how most people feel once they actually look.

What struck me was how much of the gap traced back to specific years, not bad luck. My maternity leave, a stretch of part time work where I didn't contribute, a few years where pension contributions weren't the priority because I was running a new business. None of it felt wrong at the time, but it adds up in a way that's easier to see with hindsight.

That's really why we built Welleness. Not to tell women they've done something wrong, but to make it normal to check the number before it's too late to do much about it. Whatever your figure turns out to be, it's better to know it now.

What you can do now

Get your State Pension forecast through your Personal Tax Account at gov.uk, the number every other calculation should start from.

Log into each pension you hold, find its projected income tool, and add the total to your forecast to see where you actually stand.

If you've had reduced income at any point, check your National Insurance record for gaps worth topping up.

Frequently asked questions

What are the 2026/27 Retirement Living Standards?
Annual figures from Pensions UK showing what a minimum, moderate or comfortable retirement costs in the UK.

How much does a couple need to retire comfortably?
£62,700 a year for comfortable, £45,400 for moderate, and £22,500 for minimum, per the 2026/27 figures.

Does the state pension alone cover a minimum retirement?
Not quite. The full new State Pension is £12,548 a year for 2026/27, short of the £13,900 minimum standard.

Why is there a gender pension gap?
Career breaks, part time work and lower average pay reduce the years and amounts women contribute, so the gap widens rather than narrows.

Here is what one Welleness member said after completing her financial health check.

"WOW! I am blown away and actually really grateful. This landed at just the right time for me. I'm at an odd point, financially, definitely want to take more control, shitting myself about having taken a number of years out of investing in my pension and taking a hit to my income. So I'm really grateful to you for developing this because I think it is SO needed." Jude, Welleness user

If reading this has made you wonder where you stand, our free financial health check takes less than five minutes and covers six areas of your finances, including pensions, at insights.welleness.ai.

This post is for informational purposes only and does not constitute financial advice. For guidance specific to your situation, speak to a regulated financial adviser.