£62,700 is a very comfortable pension for a couple - provided that they own their own home, mortgage free. The question of property ownership - and whether or not you have to pay rent for the rest of your life - is the elephant in the room. I suspect that with each passing year, increasing numbers of people will not have this safety net.
You are right that these figures do not include rent, the base case assumption is that wealthier people will own their properties mortgage free and at lower incomes they will have access to social housing or significant rent rebates. They (the Centre for Research in Social Policy) explain that including rent obviously adds a significant additional cost - I might write in more detail about housing at some point.
£62,700 is a very comfortable pension for a couple - provided that they own their own home, mortgage free. The question of property ownership - and whether or not you have to pay rent for the rest of your life - is the elephant in the room. I suspect that with each passing year, increasing numbers of people will not have this safety net.
You are right that these figures do not include rent, the base case assumption is that wealthier people will own their properties mortgage free and at lower incomes they will have access to social housing or significant rent rebates. They (the Centre for Research in Social Policy) explain that including rent obviously adds a significant additional cost - I might write in more detail about housing at some point.
what size pension pot will buy a £62k pension?
They estimate £ 315 to £ 470 thousand per person, so double that to get to a couple with £ 62,700 income combined.