Life style calculator
Most of us don’t actually imagine having a Ferrari or a second home on the Costa del Sol when we retire. It’s more likely that, in life after work, we’ll want to continue the lifestyle we’ve enjoyed while working.
If retirement is still a long way off, picturing what kind of lifestyle you’d like might be hard. But having a rough idea will help you work out if you’re saving enough for the future.
Our lifestyle calculator is a quick and easy tool to help you work out how much income you might need, to enjoy the lifestyle you hope for.
Lifestyle calculator
Step 3: Personalise your wants & needs
MODERATE
Roughly speaking, a will need about a year to achieve a standard of living at retirement.
This figure is based on a ‘basket’ of common goods and services shown below. Using it as a starting point, if you think you would spend more, or less, simply change the weekly amounts to create a personal target.
MY BASKET
NOTE: The amounts in the blue blocks are the annual cost of each category. To change the amounts to suit your needs, edit the weekly breakdowns and the calculator will work out the annual costs and update the overall total.
HOUSE
FOOD & DRINK
CLOTHING & PERSONAL
HELPING OTHERS
TRANSPORT
HOLIDAYS & LEISURE
OTHER
RESET BASKET
Next steps...
MODERATE
Here’s a summary of what you chose
Based on a basket of common goods and services, for a hoping to achieve a standard of living at retirement, you will need about a year.
This is a rough guide to help give you a target to aim for.
Your personal target to aim for is:
Your personal target to aim for is:
By changing the amounts in the basket of goods and services, you have created a personal target to aim for based on your individual wants and needs.This doesn’t mean it can’t change in the future, but knowing now how much you might need later is a great step towards being able to work out if your current level of saving will be enough.
Using your target, here’s some other things to think about next:
Test