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If you’re getting ready to retire, or are simply thinking ahead, it’s good to know whether your pension savings are on track.
The best way to do this is by looking at:
You can probably picture the retirement you want – holidays, time with family and friends, a few improvements on the house, and a new car, maybe? But do you have any idea how much this might cost?
A retirement budgeting calculator is now available within your MyRPS account 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' (RLS) created by the Pensions and Lifetime Savings Association (PLSA), which suggests the following as benchmarks for the income you might need:
*Figures quoted are from the Retirement Living Standards published by the PLSA and Loughborough University. (Costs will be higher in London). Full details can be found at retirementlivingstandards.org.uk
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.
If you’d prefer to try and work out something yourself, you should take into account:
How to fund your costs when you retire
You may have several sources of income when you retire, so it’s important to take stock of each of these and work out how much you may have in total.
This could include:
The simplest way to check if you’re on track is to look at whether the lifestyle and costs you’ll need to fund are likely to be covered by your future income.
Keep in mind, this could be affected by a number of other factors, such as:
You can find out more by clicking the relevant links here
We’ve also created some special planning tools, to help you take control and make your pension work better for you.
For DB members this includes a pension planner – designed to show what your annual income could be when you stop work. And how this might be affected by different options, such as taking a lump sum or opting for a level pension.
For IWDC members there’s a retirement modeller - designed to show you what your pension pot might be worth when you retire. And the different ways you can choose to use that money, such as an annuity or drawdown.
Both tools are quick and easy to use. And you can access the one that’s relevant for you by logging in to your myRPS account.
If you’re worried that your income in retirement, won’t cover your costs, there are a number of things you can do.
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