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Lifestyle calculator
While you’re working, you’ll be used to a steady income. But what happens once you retire? You’ll need money to pay for bills, transport, accommodation and healthcare. And you’ll still want to do all the things you enjoy. 

So how much might you need and will you have enough in your pension savings?

You can use the calculator below to work out how much your chosen lifestyle might add up to. Simply select the things you’ll want to afford during your retirement and the calculator will work out roughly how much it could cost you per year.

Please be aware that the results are illustrative only and should not be relied upon as a comprehensive figure, nor considered as financial advice. 
 
You can compare the estimated cost of your lifestyle to your Annual Benefit Statement, which shows your forecasted pension from the Amey OS Pension Scheme. This will help you work out if your savings are on track for the age at which you expect to retire.

You can also contact your Scheme administrator, RPMI, to request your current estimate by calling 0345 112 0025. However, you may only request two free estimates in any calendar year.
 

 

Shopping list

(what you need and/or want)

Basket

(what it costs)

The basics - what you will need

The wish list - what will you want?

The rest - what haven't you thought of?

 
 
Total cost:

The income you will need a year,
before tax, to pay for this kind of lifestyle Next arrow

Total income:

This figure is calculated based on a single person aged 65-74 years, paying 20% tax with a personal allowance of £12,500. It represents the combined income you will need from any personal, workplace and state pensions. It does not take into account any other savings you may have.

 

Planning for retirement isn't easy but, as it probably still seems a long way away, it is easy to keep putting it off. Use this calculator to help you start to get in control. Think about what you want your lifestyle to be when the time comes to retire.

How much will what you need, and want, in retirement cost?

Edit the values if the costs aren't right for you

How we calculated these costs How we calculated these costs

£9,280 - Basic living costs for a single retired person per year

In the research ‘A Minimum Income Standard for the UK in 2012’, conducted by Loughborough University for the Joseph Rowntree Foundation (JRF), pensioners were asked what they felt was needed for a minimum acceptable standard of living in retirement. The figure here, therefore, is the cost of what were considered to be life’s essentials – food, the bills and somewhere to live – and some limited social activities.

Things considered as essentials included in the cost were a mobile phone, microwave, TV and washing machine. Non-essentials, excluded from the cost, include a dishwasher, tumble dryer, Sky TV and a computer.

Remember that your idea of what is essential for an acceptable standard of living may differ from these basics.

What’s included in the basic pensioner budget of £9,280 per year:

  • Where you live – The figure assumes you are a homeowner who has paid off your mortgage, and includes home maintenance and council tax.
  • Home maintenance - £1,000 is about the average spent by a single pensioner for maintenance, repairs and decoration of their own home a year (source: the government’s ‘Living Costs and Food Survey’ of household spending).
  • Holidays - £243 allows for the cost of a five-day coach break in the UK.
  • Eating out - £344 assumes £20 a month for meals out, and a takeaway pizza once a week.
  • Entertainment - £315 allows for one cinema trip a week, but no other entertainment costs.
  • Hobbies and fitness - £315 allows for one activity a week such as swimming. The basic budget does not allow for more costly hobbies or club membership.
  • Habits - £182 allows for a cheap bottle of supermarket wine once a week, but no tobacco.
  • Transport - £704 assumes use of a free bus pass and the occasional taxi, but does not allow for a car.
  • Gifts - £266 is allowed for giving Christmas and birthday presents to friends and family.
  • Healthcare - The budget allows enough for basic medicines and glasses, dental check-ups and one filling a year.
  • Extra treats – The basic budget allows you to live adequately, but does not allow for extra treats or impulse buys.

Source: You can read more about the ‘A Minimum Income Standard for the UK in 2012’ research at www.jrf.org.uk/publications/MIS-2012

Note: Basic costs are an average of those specified by men and women in the research. Female pensioners actually specified a slightly higher minimum for food, clothing and personal items, requiring about £600 more annual spending than men.

How we calculated these costs How we calculated these costs

£14,070 - Basic living costs for a retired couple per year

In the research ‘A Minimum Income Standard for the UK in 2012’, conducted by Loughborough University for the Joseph Rowntree Foundation (JRF), pensioners were asked what they felt was needed for a minimum acceptable standard of living in retirement. The figure here, therefore, is the cost of what were considered to be life’s essentials – food, the bills and somewhere to live – and some limited social activities.

Things considered as essentials included in the cost were a mobile phone, microwave, TV and washing machine. Non-essentials, excluded from the cost, include a dishwasher, tumble dryer, Sky TV and a computer.

Remember that your idea of what is essential for an acceptable standard of living may differ from these basics.

What’s included in the basic pensioner budget of £14,070 per year:

  • Where you live – The figure assumes you are a homeowner who has paid off your mortgage, and includes home maintenance and council tax.
  • Home maintenance - £2,000 is about the average spent by a pensioner couple for maintenance, repairs and decoration of their own home a year (source: the government’s ‘Living Costs and Food Survey’ of household spending).
  • Holidays - £485 allows for the cost of a five-day coach break in the UK.
  • Eating out - £382 assumes a carvery meal once a month.
  • Entertainment - £630 allows for one cinema trip a week, but no other entertainment costs.
  • Hobbies and fitness - £630 allows for one activity a week such as swimming. The basic budget does not allow for more costly hobbies or club membership.
  • Habits - £364 allows for two cheap bottles of supermarket wine once a week, but no tobacco.
  • Transport - £704 assumes use of a free bus pass and the occasional taxi, but does not allow for a car.
  • Gifts - £484 is allowed for giving Christmas and birthday presents to friends and family.
  • Healthcare - The budget allows enough for basic medicines and glasses, dental check-ups and one filling a year.
  • Extra treats – The basic budget allows you to live adequately, but does not allow for extra treats or impulse buys.

Source: You can read more about the ‘A Minimum Income Standard for the UK in 2012’ research at www.jrf.org.uk/publications/MIS-2012

Note: Basic costs are an average of those specified by men and women in the research. Female pensioners actually specified a slightly higher minimum for food, clothing and personal items, requiring about £600 more annual spending than men.