How much will you spend in retirement?
Your life in retirement is likely to be different to your life now. And your budget will be different too.
For example: you may choose to travel more. Or, if you’re spending more time at home, some outgoings could drop, but your household bills may increase.
Build your retirement budget
We’ve started with the basics. Add the items that matter to you to build your budget.
To fund the lifestyle you've just chosen, you'll need:
£13,607.50per year before tax
This example is not designed to be specific to your personal circumstances. Its purpose is to act as a guide to help you understand the income you might need to fund the lifestyle you want, using the Retirement Living Standards from Pensions UK. Figures are based on today's costs for such a lifestyle and do not take future inflation into account. We have used Pensions UK's 'minimum' standard of living as a starting point and allow you to add items of your choosing which come from the 'moderate' and 'comfortable' standards of living. Find out more about the living standards on the Pensions UK website.
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Laws and tax rules may change in the future. Your own circumstances and where you live in the UK will also have an impact on tax treatment.