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Staying on track

Saving for your future is probably the biggest thing you will save for, so it is good to have an idea of how much it will cost

What will your future look like?

Do you know how much you will need to live on when you retire? When deciding on your target income in retirement, you need to think about where you will be living and how you will want to be spending your time.

Set your target

A good starting point is to consider your outgoings now, and then think about how your spending might change when you are no longer working. For example, you might have paid off your mortgage, but want to spend more on holidays than you do now.

The Pensions and Lifetime Savings Association (PLSA) has published some ‘living standards’ to give you an idea of how much to aim for in retirement. The standards tell you how much you might need to spend when you stop working to achieve a ‘minimum’, ‘moderate’ and ‘comfortable’ standard of living.

To find out how much you might need to spend in retirement, use our target setting tool.

Are you on track to reach this target?

If you have chosen a target that is right for you, going to the on track calculator will carry your result over and show you whether you are likely to reach it.

On track calculator

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