Welcome to our new "Budget planning" tool
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.
Eyes down...
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:
- Mortgage
- Commuting costs
- Pension contributions
- NI contributions
- School fees
Expenses that are likely to
reduce:
- Tax
- Certain leisure expenses (as subsidy often given eg. bus / travel pass, subsidised theatre etc)
- Council tax (if subsidy applies)
Please note: although these are likely to disappear, they have
been included depending on your own personal circumstances.
Expenses that may
increase:
- Basic living expenses, such as food and public services
- Holiday and leisure expenses
- Healthcare expenses
- House, contents, personal insurances
- Car petrol / repairs / maintenance
- DIY
- Gas, electricity, water
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:
- State pension
- Other occupational or personal pensions
- Other income (e.g. from interest on savings or from property)
Please note: the guidance in this tool does not constitute financial advice.