Work out your costs

Staying in control of your finances isn't always easy, but it's important to plan for your future and ​keep your pension savings on track for the retirement you want.

Use the retirement budgeting calculator

 A retirement budgeting calculator is available within your MyRPS account.

 It is designed to help you estimate how much you’ll need in retirement and give you a personal target to aim for with your income.   

The calculator takes into account the ' Retirement Living Standards' created by the Pensions and Lifetime Savings Association (PLSA), which suggests the following: 

retirement Living Standards are benchmarks for how much you might need in retirement based on a minimum, moderate or comfortable lifestyle

The calculator will also let you adjust individual costs, such as leisure and travel expenses, to offer an estimate that is tailored to you.

You’ll find the retirement budgeting calculator in the “Planning for the Future” section of your myRPS account by logging here. And in the Resources section of the member website here.

Remember it's always a good idea to get independent advice for your long-term ​financial planning.

Track your progress

 You can find out whether you’re on track to meet the income suggested by the retirement budgeting calculator by checking your benefits in your myRPS account.

Once you’re logged in, you can also use the pension planner to experiment with your options. For example it will show you how much of a lump sum you might be able to take when you retire and how it would affect your regular pension payment. 

 The planner will also let you see what it might look like if you decide to start taking your benefits before claiming your State Pension and then level your income out afterwards. This is known as the ‘level pension option.’ 

You can find out more about choosing the right options for you here

Your State Pension

The State Pension age is gradually going up, depending on when you were born. To find out when you can start claiming your State Pension,​ use the State Pension age calculator.

If you are aged 5​0 or over, you can request a State Pension Estimate

Online tools you can use

Along with the Retirement Budgeting Calculator, there are other tools available on this website, depending on which section of the Scheme you're in. Take a look at the charts below to learn more. 
Tools to plan for life after work Find out more information with website tools

Get help and advice

Remember it's always a good idea to get independent advice for your long-term financial planning.

Liverpool Victoria (LV) has been chosen as the official partner to give RPS members access to financial advice. LV can be contacted on 0800 023 4187.  

You are still free to choose your own Independent Financial Adviser (IFA). You can find an IFA in your area at For the best outcome, you should make sure it’s someone who specialises in retirement planning.