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For Fiona Johnson, life is far more expensive now she is a single pensioner, compared to when she was married.
The 70-year-old, from Doncaster, South Yorkshire, told i: “I was married for 19 years to an ex-service man who got an Army pension. However, he left the marriage so I had to raise two children on my own – I didn’t get his pension or maintenance from him.
“It’s been a challenge since I medically retired at 60. My costs are similar to that of a couple but there’s only one income. The TV is still on, I still turn my lights on, you can’t decide to heat half a room because there’s only one person.”
Fiona, who used to work for local government, receives a total retirement income of £17,000 – with her state pension less as she was abroad for seven years while her ex-husband was serving the Army.
She said: “I should’ve been credited some of my husband’s pension for the time I was away from him, but I got nothing.”
She didn’t think about retirement when she was working. She told i: “I didn’t think about life post-retirement as I was busy raising two children alone. I didn’t have money to save in extra pensions.”
Fiona is not alone. Single pensioners need £277,50o more in their pension pot to achieve a moderate retirement than couples, data shows.
Singletons would need an income of £31,300 per year, something that could be achieved if they have saved around £555,000, according to analysis by insurer Standard Life.
A moderately comfortable retirement is defined as having £55 for a weekly grocery shop for one person and also anticipates pensioners will eat out about once a month. It includes the budget to run a small, old car, based on the latest Pension and Lifetime Savings Association (PLSA) retirement living standards.
Should a single pensioner want a comfortable retirement, which allows for an annual three-week foreign holiday, £1,500 for clothing and footwear and a kitchen and bathroom replacement every 10-15 years, they would need to save £492,500 more than a couple, a total of £890,000.
Housing costs are not included in any of the PLSA standards so those who have not paid off their home would need even more money.
Despite single people needing more to achieve the same standard of living, as they face paying all bills including rent or mortgage, energy, food and internet alone instead of sharing with a partner, they are often poorer post-retirement. For single women, the gap is even more prevalent. Separate research from NOW: Pensions and the Pensions Policy Institute (PPI) found that women are retiring with an average of £136,000 less in their pension pots compared to men.
It added they would need to work and save for an extra 19 years on average to achieve the same level of savings.
It is something Fiona is very aware of. “Now, I’m just terrified of my finances. I have no savings, no fall-backs and am not well enough for a part-time job. I sometimes panic about my situation, but what can I do?
“All I think about is how I’m going to afford everything. Take repairs for example – I have lights that need fixing in my kitchen but I can’t afford it as it will cost me £300 to call out an electrician. But, it would work out cheaper for a couple.”
Dean Butler, managing director for Retail Direct at Standard Life, said it is important for single people to be thinking about their pension savings.
He said: “Whether single by choice or by circumstance, single people must front a whole host of expenses on their own – from mortgage or rent payments, utility bills and council tax, to broadband, holidays and TV subscriptions – and unfortunately these aren’t automatically half the amount that couples pay. It’s similar when it comes to pension savings too.
“Couples can pool their finances for retirement, and as our analysis shows, single pensioners need to amass a significantly bigger pension pot to achieve the same standard of living as pensioner couples. It’s therefore vital that single people start thinking about their retirement finances as early as possible.
“And unfortunately not all relationships last, so awareness of these figures becomes It’s therefore vital that single people start thinking about their retirement finances as early as possible.”
Dennis Read, the director of organisation for the elderly Silver Voices, added: “If you have just lost your life-long partner you suddenly realise that household costs are not halved. Rent, residual mortgage payments, standing charges, insurances, TV licences, are no respecters of singlehood.
“If you are on the basic state pension of £169.50 per week you may fall into poverty overnight, having lost the double income and economies of scale, as well as your loved-ones. On top of that, you may have to fork out huge funeral costs which will use up any savings you have left. Single senior citizens are often in dire straits and may have no one to help them manage their situation.”
