Staying in control of your finances isn't always easy, but it's important to plan for your future and keep your pension savings on track for the retirement you want.
Remember it's always a good idea to get independent advice for your long-term financial planning.
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' created by the Pensions and Lifetime Savings Association (PLSA), which suggests the following as benchmarks for the income you might need:
The calculator will also let you adjust individual costs, such as leisure and travel expenses, to offer an estimate that is tailored to you.
State Pension age is gradually going up, depending on when you were born. To find out when you can start claiming your State Pension, use the State Pension age calculator.
If you are aged 50 or over, you can request a State Pension Estimate.
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