When it comes to retirement planning, how do you compare to the national average?
According to the Pensions and Lifetime Savings Association (PLSA), a couple needs a net income of £30,600 per year (£36,200 in London) to enjoy a moderate standard of living in retirement. Yet, research suggests that only 42% of UK households are currently on track to meet this target.
A regional breakdown offers some interesting insights. In the North West, for example:
- 44.2% of households are on track to achieve a moderate income in retirement—slightly above the national average.
- The average private pension wealth stands at £112,900, just above the UK average of £111,700 (ONS data, 2020).
- House prices in the North West average £205,783, notably lower than the UK average of £283,496—meaning homeowners here may need less in retirement than those in more expensive regions.
- Annual household income in the region is £34,559, similar to the UK-wide average of £35,164.
- Average annual expenditure in the North West is £26,714, slightly below the national average of £27,240.
These figures highlight that where you live, your pension savings, and your overall financial strategy all play a role in shaping your retirement lifestyle.
So, are you on track for the retirement you envision? If you’re unsure how your savings compare or whether you need to adjust your plans, it may be time to review your strategy.
A tailored approach to wealth management ensures that your financial future aligns with your personal goals, wherever you live.
