The cost of retirement

Living within a budget in retirement can come as a surprise, and with no regular pay packet to rely on it may need a bit of planning.

Costs like heating are bound to increase, so you’ll need to work out exactly what to expect from your pension. But without having to allow for things like travelling to work, perhaps you won't need as much money as you thought.

Below you will find some guidelines for the expenditure that you’ll need to allow for in retirement. But one size doesn’t fit all and we hope you can use this as a cost framework to help plan for your own retirement.