What does your retirement cost?

Can you afford to retire?

Even if it seems a long way off, it's really worth thinking about what kind of lifestyle you'll want when you stop working - and what it might cost.

You may not need quite as much to live on when you retire. You might have paid off your mortgage by then, and some of your expenses might be lower. That said, you'll still want to do a lot of the things you enjoy doing right now. And little luxuries can all add up.

It's also useful to bear in mind that we're all living longer - so your retirement could well last more than 20 years.

Retirement tool - your life once you stop work Retirement tool

What kind of life would you like to lead when you've said goodbye to the 9-to-5? Create a vision of your ideal retirement and we'll give you an idea of how much money you'll need to fund it.

Retirement tool - your life once you stop work
Experts say that you need around 2/3 of your income to live comfortably in retirement.

To fund the lifestyle you've just chosen, you'll need:

£10,000per year before tax
This example is not designed to be specific to your own circumstances. Its purpose is to act as a guide to help you understand the income you might need to fund the lifestyle you want. Figures are based on today's costs for such a lifestyle and do not take into account inflation.

How Standard Life can help you prepare for retirement

When you reach ten years - or less - to go until retirement, you will need to start thinking about life when you stop work, how you may want to take your pension and the possible income solutions available. Standard Life can help, every step of the way, with information and guidance to help you make decisions in the run-up to your retirement.

Click here for more information on retirement - what to think about and when

So, what next?

Now that you've got an idea of how much you might need, you should find out if you're saving enough. Use the retirement planner to see what your pension could be worth and the difference that making small changes to your payments could make.

Find out what your pension could be worth