How much money do you need
How do you picture your retirement? Do you see yourself jetting off on luxurious holidays? Or are you planning to spend your time gardening and reading books? The kind of lifestyle you’re planning when you retire will have an impact on how much money you need. The Retirement Living Standards show you three different retirement levels and how much pension you need for each.
For many people their costs reduce in retirement as they:
- may have paid off their mortgage or move to a more affordable home
- don’t have to commute to work and may get free public transport
- are no longer paying into a pension or savings account.
Although, when you’re retired you may spend more money on:
- energy bills if you’re spending more time at home
- new hobbies and interests
- insurance and healthcare.
The MoneyHelper website has a free budget calculator that could help you plan how much money you need in retirement.
