A single person would require a pension of approximately €33,600 per year in order to have a "comfortable" retirement, according to new figures from the Pensions Council.

A couple would need €43,200 annually, the council's new report on Irish retirement living standards found. The study was prepared and researched by KPMG.

For a "modest" retirement, covering basic living expenses and some room for non-essentials, a single person would need €19,200 per year and a couple would required €28,800.

A "moderate" lifestyle providing more flexibility and financial security would require pensions of €27,600 for single earners and €37,200 for couples.

The Pensions Council said it recognises that the terms "modest," "moderate" and "comfortable" are highly subjective and mean different things to different people.

"We also realise that national averages will mask specific circumstances, such as renting in Dublin, material healthcare costs, or travel costs to see children abroad, that would all increase the amounts required to meet each of these subjective states," the council said.

Savers are traditionally advised to aim for 50% of their pre-retirement salary in retirement, but the council said this rule of thumb can be too simplistic and fails to account for individual lifestyles and specific needs in later life.

"We wanted to create a clearer picture of what a retirement might look like, beyond the usual percentages," said Roma Burke, chair of the Pensions Council .

"This work is about helping Irish people to understand what level of income is required to reach different standards of living in retirement."

The figures are based on a survey of people aged 65+ in Ireland and workshops, cross-referenced with publicly available data, and reflect the cost of living in 2024.

The Pensions Council was established to advise the Minister for Social Protection on matters relating to pensions policy.

(Pic: Getty Images)