How long your savings will need to last

How long do you think you’ll spend in retirement? People tend to underestimate the length of their retirement, but research carried out by the ONS in 2015 shows that people are living longer now than ever before:

• People who are 55 today are likely to live into their eighties.
• Around 1 in 10 men, and 1 in 5 women, who are aged 55 now will live to see their 100th birthday.

This means that your savings may need to last longer than you think and this may influence the choices you now make. Use the Office for National Statistics tool to see what this might mean for you.

How much will you need in retirement?

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.