Picture your future

How much money will you need to live life your way? Whether retirement is just around the corner or half a lifetime away, it’s worth thinking about what you’ll want your life to look like when you’re older – and if you’ll have enough money to make it happen.

Retirement Living Standards

The Retirement Living Standards have been developed by the Pensions and Lifetime Savings Association (PLSA) to help you picture what kind of lifestyle you want to have when you wind down from working, and give you an idea of how much income you’ll need to support this lifestyle. They’re based on three different standards of living:

  • Minimum

    covers your basic needs, with a little left over for fun

  • Moderate

    provides more financial security and flexibility

  • Comfortable

    allows for more financial freedom and some luxuries

To help you think about your lifestyle in retirement and how much money you'll need to achieve it, try our quick video quiz by clicking the play button below.

Click the 'play' button and take a few minutes to tell us how you want to spend your time in later life and we’ll tell you how much might need. You can change your answers to the quiz as many times as you like, so have a play around with the different lifestyles to see what the future might hold for you!

Please note, the figures in this video are based on PLSA values correct at Jan 2024.


  • Are your saving plans on track to give you the lifestyle you want?

    Now you have an idea of the type of lifestyle you’d like in retirement, you can use our handy tool to work out if you’re on track.

    If you’re not on track, you can use the tool to see the impact of saving more or changing the date you plan to retire. There’s also the option to see the impact of adding the state pension. To find out if you’re eligible for the state pension and how much you might get, visit the government website.

  • Once you’ve clicked on the tool, you’ll need to input a few personal details including your age and the age you plan to retire. You’ll also need to input the amount or % you’re paying into your TPT pension, the amount you’ve saved so far in your pension and you can also input other pensions and savings you might have if you wish.

    If you don’t have all of this information to hand, you can find it by logging in to your online account or checking your latest annual pension statement.

    Please note that this tool is designed to give you an estimate and is based on a number of assumptions. The figures shown are not guaranteed. It’s important to check on your pension regularly and you can do this easily by logging in to your online account.

    Pensions Saving Tool

Tips to help you save more

Now you know how much income you’re likely to need to achieve the lifestyle you want, let’s look at how you can increase your savings. Even small changes can make a big difference.

The numbers behind the Retirement Living Standards

Explore the categories below to picture what later life could look like for each of the Retirement Living Standards. Don’t forget to switch the ’single/couple’ toggle to the option that’s appropriate for you.

  • Single
  • Couple

*These figures shown are the amounts of annual expenditure required to achieve the living standard (ie they are not gross income figures).

*The figures shown are the amounts of annual expenditure required to achieve the living standards (ie they are not gross income figures).

A few things to note

The Retirement Living Standards are designed to provide a helpful guide and are based on research findings, but they do not constitute financial advice.

They don’t include the following costs so you’ll need to factor them in when you're thinking about how much money you'll need to fund your retirement:

  • Housing

    Do you think you’ll have mortgage or rent costs when you take your pension?

  • Social care

    Will you need to cover costs of social care for yourself or others?

  • Other sources of income

    Part-time work or other savings may provide you with extra income to fund your lifestyle

More information

  • You can also find out more about the Retirement Living Standards on the website.

    Find out more

Not registered yet?

If you haven't registered for your Retirement Savings Account yet, click here to find out how you can do it