- Earns £28,000
- Saved £12,000 so far
- Moderate investment style (no cash, 25% in bonds, 75% in shares)
- Contributes £150 a month
- Retirement at 65
- No other sources of income for retirement right now
Her projected income: £11,600 a year
Olivia could tweak her plans to increase her income
Retire at 68 - her projected income increases to: £12,350 a year
And increase her contribution to £250 a month - her projected income increases to: £14,600 a year
- Earns £65,000
- Saved £72,000 so far
- Moderate investment style
- Contributes £550 a month
- Retirement at 65
- Has some other income for retirement from a defined benefit pension with an old employer
His projected income: £32,700 a year
Khalid could tweak his plans to increase his income
Retire at 68 - his projected income increases to £36,350 a year
And increase his contribution to £750 a month - his projected income increases to: £37,900 a year
Would you like to get an idea of what your income could be?
With our planning tool, myPlan, you can work out the income you’re projected to have. It also shows the difference that small tweaks – such as retiring later or contributing more – could have on your income. You can use myPlan over time to track how your retirement savings are growing, and consider other changes you could make to boost them.
You can also find the tool under My toolkit, Am I saving enough? when you log in to PlanViewer
- The figures given are examples and are not guaranteed.
- These examples assume that when they retire, Olivia and Khalid will buy an annuity that pays out a monthly income. They’ll have other options that would affect their income.
- These examples are based on Olivia and Khalid aiming for a retirement income of 60% of their current income. This value tends to be less than 100%, as the cost of living after retirement usually goes down.
The projected income figures are before tax.