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How much will I need in retirement?

Our tools can help you work out how much you may need in retirement and what kind of income you might expect.

Important information - Please note that these guidance tools are not a personal recommendation for a particular investment or course of action. If you need any help with decisions about your pension, please speak to an authorised financial adviser. You should regularly review your investments to ensure they still meet your attitude to risk and your investment goals.

Your retirement budget

We all know having a budget is a good idea, but it can get complicated. You might know how much your food shopping costs each week, but what about over the year? Pay your car insurance annually? How much is that monthly? What about the money you spend on getting around and other day-today expenses?

Our budgeting tool allows you to input your expenditure weekly, monthly or annually, so you don’t have to work it out. You can also include the income you expect to have when you retire to see what sort of activities and lifestyle you will be able to afford.

Make a budget

Combining annuity and drawdown

Our retirement income estimator will show you how much income you might get from a combination of a guaranteed income, known as an annuity, and drawdown.

You’ll need to have an idea of how much your retirement savings will be by the time you retire and what percentage of your pension you want to take as a tax-free lump sum.

Explore the tool

Making drawdown last

Our Pension Drawdown calculator will help you decide how much you might want to draw down from your pension as flexible income. You’ll need to have an idea of how much your retirement savings will be worth by the time you retire.

The tool will estimate how long you can expect a certain level of income to last, and you’ll be able to compare this with the length of time you expect to need to live off your savings.

Explore drawdown options

How much tax will you pay?

Our Pension Cash calculator can show you how much tax you might have to pay, depending on the way you withdraw your money.

It will also help you see how taking money from your pension savings now could affect your future retirement income.

Try the tax calculator

Get a guaranteed income quote

Provide some basic information about your current situation to get a quote for a guaranteed income, known as an annuity.

Get a quote now

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Graham Smith

Graham Smith

Investment writer