You can probably picture the retirement you want – holidays, time with family and friends, a few improvements on the house, and a new car, maybe?
Working out what it would cost you can be much tougher - but help is at hand.
A retirement budgeting calculator is now available within your MyFund account to help you estimate how much you’ll need in retirement and give you a personal target to aim for with your income.
The calculator takes into account The Retirement Living Standards (RLS) created by the Pensions and Lifetime Savings Association (PLSA), which suggests the following as benchmarks for the income you might need:
Figures quoted are from the Retirement Living Standards published by the PLSA and Loughborough University. (Costs will be higher in London). Full details can be found at retirementlivingstandards.org.uk
The calculator will also let you adjust individual costs, such as leisure and travel expenses, to offer an estimate that is tailored to you.
These are meant to be a helpful rule of thumb – they do not constitute financial advice. You can find more information about getting help and advice here
Of course we’re all different. Our living costs depend on our lifestyles, household expenses, mortgage and rent, and other outgoings.
Check if you’re on track to afford your living standard of choice by combining the current value of your workplace pension(s) with your forecasted State Pension entitlement, plus any other relevant savings.
See your latest annual benefit statement for the Scheme by logging into your myFund account.
Learn more about your personal State Pension entitlement gov.uk/check-state-pension.
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