When you retire you will need less income to live on than before, due to the simple fact that a number of traditional expenses – travelling to work, for example – will fall away. You will also pay less tax once retired, but it is still estimated that most people would require in the region of at least 60% of their final pre-tax salary after retirement.
Our Retirement Calculator allows you to instantly work out whether you are saving enough to achieve your future retirement goals. It is a simple matter of entering the relevant details, such as how old you currently are and when you plan to retire, in order to determine this.
The tool takes into account issues like inflation, the years left until retirement and the years expected to be spent in retirement. Once calculated, it will outline both the total monthly amount required, as well as what additional amounts you will need to meet this overall required amount, and what percentage of your overall income this amounts to.