What does your retirement cost?

The Joseph Rowntree Foundation (JRF), a respected charity, recently asked members of the public what counts as a minimum acceptable standard of living — one that includes more than just essentials such as food and somewhere to live.

Based on these answers, JRF worked out what income people need to achieve this — which was around £10,200 a year for a single retired person.

What the £10,200 includes

This assumes that, come retirement, people should still be able to buy birthday presents, have a week's holiday in the UK, buy alcohol and visit the cinema. They should also have some of the things we take for granted now, that we didn't used to: mobile phones, DVD players and internet access, for instance. It also assumes that they'll have paid off their mortgage.

What it doesn't include...

There were some things that weren't seen as necessary for an acceptable lifestyle once you retire. The £10,200 assumes public transport, not a car and it assumes no dishwasher, no cigarettes, no paid-for TV — and spending less than £20 a month at a restaurant.

How to use these figures

The figure of around £10,200 is for a single person — a retired couple need about £15,700 a year between them (as it's cheaper for two people to live as a couple).

And these figures are only a guide. Everyone's idea of what constitutes an acceptable standard of living is different — if you live in a remote village, for instance, there may be limited access to public transport and a car may, instead, be seen as essential.

You can read more about the research at the Joseph Rowntree Foundation.

The final figure we show is higher than the sum of the options you've selected. This is because it's based on the amount you would need to earn, before tax is deducted, to pay for the items you've chosen. We’ve based our calculations on a single person currently aged 64, retiring after April 2020, paying 20% tax, with a personal allowance of £12,500. The tool does not take into account Personal savings allowance, Dividend tax allowance or Lifetime Allowance. The figures will change if your personal circumstances are different (i.e. do not match).

2-week holiday each year

The £10,200 figure for basics assumes a one-week UK holiday. If you want European sun, we've assumed you'll spend approximately £2,300 on an all-inclusive holiday for one, with £500 spending money.

4 weeks in the sun each winter

You can beat the winter blues without spending a fortune. Around £5,500 is for a four-week stay (self-catering) in a Florida apartment for one person, including flights and £400 spending money a week.

A car + 5-yearly upgrade

A car that costs £15,000 new will set you back roughly £2,970 in running costs each year. And if you want to replace it every five years, you'll have to save a further£3,000 a year towards it.

Health club membership

If you like to stay in shape, you'll have more time for exercise. Whether you like to raise your heart rate on the treadmill, pump iron or practise pilates, joining a health club will cost you around £650 a year.

A concert, play or show once a month

The £1,200 figure covers a ticket for one, a train fare and a meal 12 times a year.

Weekly dinner or drinks with friends

If you like to go out now, that's not likely to change when you stop work. We've assumed £40 every other week for dinner out, and £30 every other week for drinks out – total £1,800 a year.

Shopping trips for you + your family

We've put down an annual figure of £1,500 – whether you spend it on the latest gadgets or the latest fashions is up to you.

Home improvements

We've allowed an annual spend of £3,000.