Could YOU live on your PENSION?

Surviving on the minimum retirement living standard for a week shocked Faith Archer into increasing her contributions

At 52, I'm keen to work out when I can afford to retire. Although my state pension age is 67, I might want to retire earlier than that. So when online pension provider Pension Bee challenged me to spend a week living on the minimum retirement living standard calculated by the Pensions & Lifetime Savings Association (PLSA), followed by a week on the more generous moderate version, I jumped at the chance.

The PLSA's retirement living standards were developed to help couples and singles picture their lifestyle in retirement at three levels: minimum, moderate and comfortable. At the time, the minimum standard for a single person was just £12,800 a year, or £246.15 a week, after tax and assuming you don't have any mortgage, rent or social care costs.

That's not much more than the state pension, which rises to £11,500 a year from April. Although these sums rose (see table) after my pension survival adventures, they wouldn't afford me any luxuries. Nothing has motivated me to pay into my pension more than trying to live on a minimum retirement income.

A no-frills week on the minimum retirement standard

With just £246.15, I started by stripping my budget down to essential bills. After covering the chunky costs for my draughty old house in Suffolk - water, council tax, electricity, heating oil, broadband and landline, mobile phone, TV licence and home insurance - I was left with just £63.83 for everything else. Basically, I couldn't afford to live in my current home if I were on my own.

I agonised over a meal plan, focusing on healthy budget recipes based on vegetables, tinned food and value ranges. I dragged my  shopping trolley off to the supermarket, as the minimum standard didn't stretch to a car.