Are your retirement savings on track?

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 though.

But help is at hand – the Pensions and Lifetime Savings Association (PLSA) has devised three retirement living benchmarks that aim to help future retirees visualise their life after work and understand what it might cost.

The Retirement Living Standards are based on independent research with real people conducted by Loughborough University.* They assume that you will be mortgage and rent-free when you retire.

Picture your retirement

The Retirement Living Standards, below, will give you a sense of what different retirement lifestyles could cost. Remember, these standards are meant to be a helpful rule of thumb – they do not constitute financial advice.

graphic showing guidance from the PLSA on costs in retirement for singles and couples

*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

How do I know if I’m on track?

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