This differs for couples, as well as for those who live in London.
“However, people should not despair,” Mr Peaple continued.
“A full new state pension alone, currently worth £9,338 per year, delivers most of the income needed for an individual to achieve the PLSA’s ‘Minimum’ Retirement Living Standard which is around £10,000.
“Moreover, a couple sharing living costs will exceed that level.
“But independent research with the British public carried out for us by Loughborough University has found that people would like retirement expenditure to be higher than this as set out in the ‘Moderate’ (£20,000) and ‘Comfortable’ (£30,000) levels.