Our Budget Planner allows you to select from the different items you know you will spend your money on in retirement. It should help you to see how much these things may end up costing and what sort of income you might need in retirement.

We have based our figures on a number of assumptions:

• All costs are included on an individual basis.
• We assume no mortgage costs and that you are the owner occupier of your property.
• “Cost of Living” is included as a default item so this will be automatically included for everyone.
• You can choose a number of other items based on the lifestyle choices you will make.
• “Other” is an extra category included to capture any extra costs which you may have in retirement that are not otherwise captured.
• You can adjust the cost on each item to suit your own needs if the cost we have assumed differs from your own experience.
• Cost assumptions we have included are based on quotes and estimates at May 2018.
• To make this Budget Planning tool more relevant to your personal circumstances, you can increase or decrease the values we have supplied as a default. In order to keep the range that you can increase / decrease values by as realistic as possible, we have set a lower and upper limit on the ranges you can select. The lower range is calculated as half of the default number we have supplied, whereas the higher end of the range is calculated as double the default number we have supplied. We do not suggest that you use these ranges as a guide to a higher or lower level of living standard. If you find that the upper range is not enough to capture your expected expenditure in retirement, we suggest that you use the “Other” category to capture any addition expenditure beyond the standard thresholds we have defined for each of the components in the tool.

Here are the assumptions we have made for each item:

Assumptions for default values in the Budget Planner Tool

Household

Health

Leisure