How much I'll need for retirement
Simple ways to 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 estimate 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 summary of how much the lifestyle you hope for 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.
Use this tool in your myRPS account 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 be able to afford the retirement you want, you’ll need to compare your likely spend with the amount of income you’re likely to get. You can do this using the tools in your myRPS account, such as the Pension Planner.
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 Pension Planner, available in your myRPS account, gives you an estimate of what you might receive from your pension before tax.