Marvin OnumonuSingle pensioners wanting a moderate lifestyle in retirement would need to save £225,000 more than each person in a couple, according to Standard Life data.
The research found that single retirees aiming for a minimum standard of living would need an annual income of £14,400 after tax.
With a full state pension of £11,973 a year, singles still need an extra £2,884 a year.
Standard Life’s figures showed a single person would need about £54,500 in pension savings to buy an annuity linked to the retail prices index (RPI) at current rates.
Couples with two full state pensions would not need extra savings to cover this minimum lifestyle.
For a moderate retirement, which includes a car and a two-week foreign holiday, the research found single pensioners need £31,300 after tax each year.
After taking into account the state pension, the extra income needed is £24,010.
The data also showed singles would need to save £439,000 to buy an annuity for this income.
Meanwhile, couples would need a joint pension pot of £428,000, or £214,000 each, almost half what singles need.
Additionally, the research found that to reach a comfortable living standard, with a three-week foreign holiday, kitchen and bathroom upgrades every 10 to 15 years, and £1,500 a year for clothes and shoes, single pensioners would need a pot of £709,000.
Couples would need the same amount between them, or £398,000 each.
This means singles would need £311,000 more than each person in a couple to achieve the same lifestyle.
Retirement savings needed for annuities were based on the Pensions and Lifetime Savings Association (PLSA) minimum, moderate, and comfortable benchmarks, retirement at 66, single life annuity, no guarantee, paid monthly in arrears, annuity linked to the retail prices index (RPI), non-smoker, no health conditions, and standard tax assumptions.
Mike Ambery, retirement savings director at Standard Life, said: “Whether single by choice or by circumstance, solo living comes with a financial price tag.
“While it seems unfair, mortgage, rent, utility bills and holidays costs don’t simply halve for those living alone. The same applies to pension savings.
“While couples can combine their resources, single retirees need to build up much more to achieve the same lifestyle in retirement.”
Ambery added: “Let’s not forget, relationships don’t always last, and the importance of pension planning extends beyond just those who are single today.
“Awareness of these figures can help when considering pension sharing in divorce settlements or preparing for a potential single retirement.
“It’s important to take control of your future financial happiness whether you’re single or in a relationship.
“Starting early, making regular contributions, and topping up savings where possible can make a real difference.”
