Ever wondered about how much you may need to live on (or at least match your current level of expenditure) when you retire?
Simply enter the amount in today’s terms, you think you are likely to spend in retirement per month and our budget planning tool will automatically work out the level of pension you’re going to need to meet these costs.
If you need help converting any expenses from a weekly or a yearly fee to a monthly rate, you can use the calculator that will appear at the top-right of the page.
Below we list out for you just some of the areas you are going to need to consider. It’s more than you might think! And don’t forget, not all your costs are going to decrease:
Expenses that are likely to disappear:
Expenses that are likely to reduce:
Please note: although these are likely to disappear, they should be included depending on your own personal circumstances.
Expenses that may increase:
You may already have retirement savings. You can record these as part of the budget planning tool to see how much you still need to save.
Pension savings you might already have:
Please note: the guidance in this tool does not constitute financial advice.
Enter to the nearest £1 how much you intend to spend per month in today’s terms.
We have assumed you will receive the full State Pension at your State Pension age. The State Pension you receive at retirement may differ from this amount. If you would like a State Pension forecast visit www.gov.uk/check-state-pension. You can find out what your State Pension age is here www.gov.uk/state-pension-age.
Usually pay yearly or weekly? Enter costs here and see how much they cost each month
Important information about the illustration:
The aim of this tool is to help you think about the kind of lifestyle you will be able to afford in retirement and the expenditure you would need to support this. It is not financial advice. If you are thinking about changing your pension savings you should consider your current circumstances and consult an independent financial adviser. If you do not have an adviser you can find one at www.unbiased.co.uk
The Trustees of the Wincanton plc Pension Scheme, Wincanton and Capita take no responsibility over any choices you make after using this tool. The results shown are based on your own thoughts about your expenses in retirement, your actual circumstances may vary at the time.