Part of planning for retirement is understanding how much income you might need.
Are you dreaming of going on holidays abroad once you’ve waved goodbye to work?
Will you have a car to run?
Fancy going out for dinner with friends regularly?
Don’t forget, you’ll have your essentials to cover, too.
To help you figure it all out, we have some tools you can use.
You can work out how much you’ll need on our retirement tool.
Then we’ll give you an idea of how much money you’ll need to fund it.
And if you’re a Standard Life customer, you’ll have access to our retirement income tool online and on our app.
This can help you see what kind of lifestyle you’re currently on track for.
And anyone can check the Retirement Living Standards, from the Pensions and Lifetime Savings Association at retirementlivingstandards.org.uk
These standards can help you understand what you might need for a ‘minimum’, ‘moderate’ and ‘comfortable’ lifestyle after you retire.
If you find that you’re not quite on track for your ideal retirement,
Try not to panic.
Instead, you could see it as an opportunity to decide what to do going forward.
For example, you might decide to pay a little more into your pension plan each month
And you can keep an eye on the value of your pension savings online.
Learning how much money you might need in retirement
Can help you make decisions about your financial future
And could help you feel more confident about it.
Final screen
Remember, a pension is an investment. Its value can go down as well as up and could be worth less than was paid in.
