Welcome to our ”Plan-it” tool, a fun and interactive way of getting you to think about the sort of expenditure you may have when you give up work and take a well-earned retirement.
Simply enter the amounts you think you are likely to spend in retirement and the tool will automatically work out the sort of pension you may need to meet these costs.
Before starting, remember that nothing stays the same forever, so be sure to consider:
| Expenses that are likely to disappear: | Mortgage |
| Commuting costs | |
| Pension contributions | |
| NI contributions | |
| School fees |
| Expenses that are likely to reduce: | Tax |
| Certain leisure expenses (as subsidy often given eg. bus/travel pass, subsidised theatre etc) | |
| Council tax (if subsidy applies) |
| Expenses that may increase: | Basic living expenses, such as food and public services |
| Holiday and leisure expenses | |
| Healthcare expenses | |
| House, contents, personal insurances | |
| Car petrol/repairs / maintenance | |
| DIY | |
| Gas, electricity, water |
As ”Plan-it” doesn’t keep a note of the figures you input, you may want to print a copy of the screens for your own records.
Please note: the guidance in this tool does not constitute individual advice.
Click here for important information about the illustration.