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 Living Standards

The Pensions and Lifetime Savings Association (PLSA) has produced  ' Retirement Living Standards' - a useful guide to help you work out the income you might need to afford different lifestyles during your retirement years.

As a general rule, they suggest:

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

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 RLS 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

Get help and advice

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

The Trustee has carefully chosen Liverpool Victoria (LV) to give 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 unbiased.co.uk. For the best outcome, you should make sure it’s someone who specialises in retirement planning.