Using our new Lifestyle Calculator, you can easily work out how much money you might need for your retirement, based on how you want to live.

The retirement budgeting calculator is quick and easy to use. You can choose whether you expect to be single or in a couple and whether you plan to live in London and the South East, or the rest of the UK.

You then choose which standard of living you’re aiming for: minimum, moderate or comfortable. The three levels, and their associated costs, have been developed by the Pensions and Lifetime Savings Association (PLSA) to help pension savers plan earlier and more effectively for an enjoyable life in retirement.

But, of course, your retirement needs are personal to you. So you can edit the costs in the calculator to suit your circumstances. For instance, you can add in costs for medical supplies or care, or change your expected spend on holidays or cars if you know you’ll want something more or less extravagant.

You can then compare your target figure to your annual benefit statement to see how much you can expect to review from the Scheme and factor in any State Pension or other income you expect to receive. This will give you an idea of whether your current level of pension saving is on track, or whether you might want to make adjustments, such as paying Additional Voluntary Contributions (AVCs).

Although we can’t guarantee how much you will need in retirement, the new tool will give you a useful guideline.

TRY THE LIFESTYLE CALCULATOR NOW >>