Welcome to our new Budget Planner
Ever wondered how much you'll need to live on in retirement?
Simply enter the amount, in today’s terms, you think you're likely to spend in retirement per month and our budget planner will automatically work out the 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.
Below we list some of the areas you're 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
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- 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've
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 fuel/ 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.