How much will you need?

Have you thought about what you might need to pay for in retirement? If this seems a long way off (or even if it doesn’t!), it’s always a good plan to get an idea of what you’ll need to spend in retirement, as it helps you create a goal to work towards.

Legal & General have created a 'Retirement Living Standards' tool to help with this. It gives you the chance to have a think about what your expenses in retirement might be, and how much they could add up to.

Once you have an idea of the amount you might need in retirement, you might want to make a note of it and head over to Legal & General’s Retirement planner within Mange Your Account. You can use the number you get from this tool to give you a good starting point for your retirement income goal.

You can also input details of other pensions you might have, and see how increasing your contributions, even if it’s only a little bit more, could help you to afford the lifestyle you want in retirement.

As things change, you can come back here and run the numbers again to keep on top of your goals and to add or remove some of the things you think you might need to pay for in retirement.