How much I'll need for retirement
Work out what income you'll need when you stop work.
You can use the 'Retirement Living Standards ' (RLS) for a general idea of how much you might need when you retire, depending on the type of lifestyle you want to have.
The RLS were created by the Pensions and Lifetime Savings Association (PLSA) and Loughborough University, and show roughly how much you might need each year, based on 3 different standards of living.
We’ve included a summary of the RLS below. Costs will be higher in London than those shown. Visit the Retirement Living Standards website for more information.
*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.
For a more personalised forecast of how much you might need when you retire, you can use the Retirement Budgeting Calculator.
The calculator uses the Retirement Living Standards above as a starting point and then lets you adjust individual costs, such as leisure and travel expenses, to suit your own needs.
This means you will get a personalised forecast of how much your lifestyle could cost you each year.
While this is not a guarantee, it does give you a general target to aim for with your retirement income.
You’ll find the Retirement Budgeting Calculator in the Planning for the Future area of your account and in the help and support area of the website.
Use this tool to work out how much money you might need to pay for the retirement you want.
To find out whether you’re on track to afford the retirement you want, you’ll need to compare your likely spend with the amount of income you’re forecast to get. You can do this using the tools in your myRPS account, such as the Retirement Modeller.
Visit the making the right decision page to find out more and learn what actions you can take if the numbers don't add up.
Please keep in mind that, the Retirement Living Standards and Retirement Budgeting Calculator figures are based on the income you may need after tax, whereas the Retirement Modeller, available in your myRPS account, gives you an estimate of what you might receive from your IWDC pot before tax.