Find out quickly and easily how much money you may need for your life after work.

More of us are saving in a pension and/or other saving vehicles such as savings account, ISAs, Stock and Shares, than ever before.  However, most of us are still uncertain of whether we are saving enough to fund our desired “life after work” lifestyle. The Lifestyle Calculator has been developed to help you understand the costs involved and to work out if you are saving enough, as well as to help you set a target to aim for.

On the calculator you get to select if you expect to be single or in a couple and whether you plan to live in London and the South East, or the rest of the UK.

You then choose which standard of living you’re aiming for: minimum, moderate or comfortable. The three levels, and their associated costs, have been developed by the Pensions and Lifetime Savings Association (PLSA) to help pension savers plan earlier and more effectively for an enjoyable life in retirement.

But, of course, your retirement needs are personal to you. So you can edit the costs in the calculator to suit your circumstances. For instance, you can add in costs for medical supplies or care, or change your expected spend on holidays or cars if you know you’ll want something more or less extravagant.

You can then compare your target figure to your annual benefit statement to see how much you can expect to receive from the Scheme and factor in any State Pension/other income you expect to receive. This will give you an idea of whether your current level of pension saving is on track, or whether you might want to make adjustments, such as paying Additional Voluntary Contributions (AVCs) or paying into a saving account, ISA etc.

Reviewing and increasing your level of savings now could make a big difference to how much money you have in the future.

Although we can’t guarantee how much you will need in retirement, nor give you financial advice, we believe the new tool can help you plan for your desired retirement.

TRY THE LIFESTYLE CALCULATOR NOW »