Retirement Budgeting Calculator

Step 2: What standard of living do you hope for?

To keep things simple, the Retirement Living Standards are levels – minimum, moderate and comfortable – which give you a sense of what different standards of living could cost you in life after work. They have been designed as a guide to help you set a target to aim for. The figures for these standards were last updated in February 2024. 

Next steps...

MODERATE

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Here’s a summary of what you chose

Based on a basket of common goods and services, for a single person hoping to achieve a moderate standard of living at retirement, you will need about £32k a year.

These figures are only a rough guide to help give you a target to aim for. They are not a guarantee of the income you will need.

Using your target, here’s some other things to think about next:

• When would you like to retire?
  If you fancy retiring earlier than your normal retirement date, check your Member Guide for how this might affect your benefits. And consider, if you were to retire at 55, you may have 30-40 years of retirement to fund!
• Review your retirement savings
  Is your current level of saving enough to meet your target? Remember private and State Pensions, combined with other savings, could go a long way towards making up the costs for many people. If you haven't yet claimed your Scheme pension, you can view or request an estimate of your benefits by logging in to your myRPS account to see if you're on track.
• Could you save more?
  If it looks like you might have a shortfall, think about whether you could afford to save more by paying Additional Voluntary Contributions (AVCs). There's information on the saving more page about available options. Contributing a little more now can make a real difference in the long term.