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 Office for National Statistics in 2017 shows us that people are living longer now than ever before:
- A man aged 65 years in the UK can now expect to live, on average, to 85.6 and a woman of the same age to 87.8
- A boy born today could expect to live to 89.5, whilst a girl could expect to live to 92.1
This means that your savings may need to last longer than you think. 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. Our 'How much will you need?' tool can help you work out how much income you'll need.