How much will you need in retirement?

Use our tool to think about what your expenses in retirement might be, and how much they could add up to.

It’s a good idea to think about what you’ll need to spend in retirement and it helps to create a goal to work towards. It’s not just about adding up your day-to-day expenses, you’ll need to give some thought to how you’ll spend your time in retirement and what that could cost.

Can you picture your future?

Our ‘Retirement Living Standards’ tool helps you understand how much you’ll need to live on in retirement. Based on the retirement living standards from the Pensions and Lifetime Savings Association (PLSA), it helps you work out what your retirement might cost based on three lifestyles and allows you to tailor your living costs to your own needs.

Use our RLS tool

What are the PLSA’s retirement living standards?

The guidance describes three different standards of living: minimum, moderate and comfortable. They provide you with information about the costs in retirement and cover everyday living expenses and lifestyle choices such as your home, food and drink, transport, holidays and leisure and helping others like buying birthday presents.

Read more about the PLSA’s retirement living standards at retirementlivingstandards.org.uk.
Find out more about the different phases of retirement and how to create your retirement plan.

Are you on track to reach your goal?

Once you have an idea of the amount you might need in retirement from using the Retirement Living Standards or the custom lifestyle you created using our tool, you might want to make a note of it and head over to our Retirement planner. You can add your own pension details to the planner and it'll give you an idea of the income you may receive. Compare this to your lifestyle goal and then play around with the different options in the tool to see whether you are on track.

Go&Save for retirement >

If you're more than 10 years away from retiring we've got some useful information, tools and simple 'jobs to do' to help you make your savings work for you.

Go&Retire - Retirement information >

If you're less than 10 years from retiring we've got some useful information, tools and activities so you can firm up your plan and go and have a colourful retirement.