Picture your future lifestyle
Will the future you want be the future you are able to have?
Will the future you want be the future you are able to have?
If you pay into a workplace pension, like TPT, you’ll probably be receiving regular updates about the size of your pension pot.
But it can be hard to make sense of these numbers and figure out what they mean for your future lifestyle. Will the future you want be the future you are able to have?
To make it easier to see how far your pension savings might go in later life, the Pension and Lifetime Savings Association (PLSA) has created a set of simple Retirement Living Standards.
They’ve been designed to help you picture the lifestyle you want when you stop working - a minimum, moderate or comfortable lifestyle - and how much you’d need to pay for it. They cover essentials, like household maintenance, food and drink, through to luxuries like holidays and clothing.
What type of holiday will you want?
Will you want dinners out or takeaways?
How will you want to treat yourself?
Don’t forget that, once you’ve used the living standards, you have access to a pension calculator within your Retirement Savings Account. You can experiment with the different options available to you, and check if your savings are on track.