How much do you need to save into your pension?
What’s the right amount to be paying into your pension? How much do you need to save today in order to have enough to live on when you retire? How much do you need to save to not just have enough to live on, but be able to enjoy your later life to the full?
These are all important questions if you want to take control of your pension (it’s your money after all). And our future budget calculator is here to help you answer them.
Future budget calculator
Our future budget calculator is here to help you check:
- how much money you may need to pay for food, bills and leisure activities when you retire
- how much income you’re likely to have in retirement – taking into consideration how much you’re paying into your pension each month
- how much extra you might want to save, if it looks like your income’s not going to cover your costs.
We use today’s prices to work out your costs in retirement.
This is a calculation tool developed by The People's Pension. This calculator is for guidance only. It’s designed to indicate if the amount you’ve already saved, and currently contribute to your pension, will be enough to give you an adequate income in retirement. It does not provide financial advice.
What is this calculation based on?
Our future budget calculator estimates the minimum amount your outgoings are likely to be in retirement – so that you can compare this against your likely income in retirement to see if you may have a surplus or a shortfall.
The estimates of outgoings that our calculator uses are taken from the Joseph Rowntree Foundation’s ‘minimum income standard’.
And they really are the minimum you may need (for example, they don’t include any accommodation costs). So it’s a good idea to check the amounts against your own expectations and adjust them to better suit your situation, to get a more accurate result.
To provide you with an estimate, we’ve had to make some assumptions on your calculation »