How do you know whether you will have enough money in retirement? This calculator helps you think about where your income might come from and whether it will be enough to cover your spending.
Where will your money come from?
Complete the sections below to get an idea of where your money might come from in retirement.
Your pension purchased with your savings from The Pensions Trust a month.
For more details, use the pension modeller to find out what your monthly income might be.
Your pension from the State
For more details, visit the Directgov website to get a State Pension forecast.
Any income from other pension providers a month.
For more details, contact your previous pension provider(s) (or employer(s)) or track an old pension.
Other income a month.
This might be from any part-time work you decide to do in retirement.
You can also use any savings you have to supplement your income.
Based on the figures you have entered, you would have an income of a month in retirement.
What will you spend your money on?
In retirement you will still have to pay many of the same bills as you do now. Some of your financial commitments may already be paid off, for example, you may have been lucky enough to have paid off your mortgage. Complete the sections below to get an idea of what you might spend your money on in retirement.
Living costs a month.
This could include items like electricity and gas, council tax, television licence, groceries and transport.
Financial commitments a month.
This could include things like your mortgage payments or rent, insurance, loans or credit card bills.
Other items a month.
You might want to consider what you might spend on clothes, birthday and Christmas gifts or holidays.
Based on the figures you have entered, you would spend a month in retirement.
Will you have enough?
Based on the figures you have entered, would you have enough to live off in retirement?
Find out how much it would cost you to increase your income in retirement by using the pension modeller.
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