Are you on track for the retirement you want?
What sort of lifestyle do you want to live when you retire? How much do you think you’ll need to spend in the future? Our tool will help you work this out and get yourself on track for the retirement you want.
Disclaimer: This tool is to help you plan for the retirement lifestyle you want. You should not solely rely on this for your retirement planning. If you need help, or would like to talk to someone about your plans, speak to us or a financial adviser.
This tool uses the Pensions UK ‘Retirement Living Standards’, which are based on independent research undertaken by Loughborough University. To find out more go to: Home - Pensions UK - Retirement Living Standards
Your ideal retirement lifestyle is for...?
Based on the information you have supplied, your estimated spending per year/month is...
£14,400 a year
£1,200 a month
Are you on target for your selected lifestyle?
Let’s work out if you are on target for the retirement you want. Put in either the annual OR monthly income figure for the pensions/savings below.
Defined benefit/final salary pensions.
If you have defined benefit pensions, look for your latest statements, add up how much these will pay you each month, and enter the total amount here.
Annually
£or
Monthly
£Pension pots (defined contribution schemes).
If you have any pension pots from other providers, each year they send you an statements. Remember to look for the annual amount they will pay, not the total pot value. Add these amounts together and enter them here.
Annually
£or
Monthly
£Currently State pension income.
The currently State Pension is based on your National Insurance contributions but the full currently State Pension is £11,973 a year.
Annually
£or
Monthly
£Any other income?
Enter any other income you're expecting to get in retirement (for example, from savings, property, or a pension from a deceased partner). These can be either annual or monthly income, or even both. If you're not expecting any, you can leave this blank.
Annually
£and/or
Monthly
£Fill in your details for person 1:
Defined benefit/final salary pensions.
If you have defined benefit pensions, look for your latest statements, add up how much these will pay you each month, and enter the total amount here.
Annually
£or
Monthly
£Pension pots (defined contribution schemes).
If you have any pension pots from other providers, each year they send you an statements. Remember to look for the annual amount they will pay, not the total pot value. Add these amounts together and enter them here.
Annually
£or
Monthly
£Currently State pension income.
The State Pension is based on your National Insurance contributions but the full State Pension is £11,973 a year.
Annually
£or
Monthly
£Any other income?
Enter any other income you're expecting to get in retirement (for example, from savings, property, or a pension from a deceased partner). These can be either annual or monthly income, or even both. If you're not expecting any, you can leave this blank.
Annually
£and/or
Monthly
£Fill in your details for person 2:
Defined benefit/final salary pensions.
If you have defined benefit pensions, look for your latest statements, add up how much these will pay you each month, and enter the total amount here.
Annually
£or
Monthly
£Pension pots (defined contribution schemes).
If you have any pension pots from other providers, each year they send you an statements. Remember to look for the annual amount they will pay, not the total pot value. Add these amounts together and enter them here.
Annually
£or
Monthly
£Currently State pension income.
The State Pension is based on your National Insurance contributions but the full State Pension is £11,973 a year.
Annually
£or
Monthly
£Any other income?
Enter any other income you're expecting to get in retirement (for example, from savings, property, or a pension from a deceased partner). These can be either annual or monthly income, or even both. If you're not expecting any, you can leave this blank.
Annually
£and/or
Monthly
£Your results for a one person lifestyle
You are on course for
£12,200 a year
Your lifestyle goal
£14,400 a year
Don’t forget, the cost of your lifestyle goal is how much you will spend after tax, so your current total savings might need to be higher than this to allow for tax to be taken off.
You’re on course to reach your target!
It looks like you've still got some work to do to enjoy the retirement lifestyle you're hoping for. Visit our retirement page to see what you need to do or start the quiz again to find out different retirement results for another lifestyle goal.