• Retirement
  • 1: What will you need?

Step 1: What will you need?

Planning your future means thinking about your whole story.

Will you have enough income to live on in retirement?

While everyone's situation is different, it all comes down to a few major things for most people, such as housing costs, insurance bills and the like.

Our retirement budgeting calculator will help you compare your income and expenses in retirement in an easy way, in just a few minutes.

Knowing if your income will cover your expenses, whether that'll come from your personal or company pension or somewhere else, is reassuring.

So we're here to help you with that.

How do you want to retire?

Your income during retirement is only one section in the next chapter of your story, as you'll also need to think about your lifestyle changes.

You may find that your income and expenses will change, as you take advantage of being retired. So understanding the kind of life you'd like to live will help you figure out any new spending patterns that may come about from your new lifestyle.

Even though it's not something many people like to think about, long-term care costs should be in the back of your mind - but it's so much more than that. What about starting a new business or seeing the world?

Take a moment to categorise your expenses into three parts - essential, important, and optional - and you'll know where to look, should you need to make any changes.

Here are our suggestions of how expenses may change in your later years. Try to make your own list too.

After all, you hold the pen that'll write your next chapter.

Pension Wise

The Government's Pension Wise service offers free, impartial guidance to help you understand your options at retirement. You can access the guidance online at www.pensionwise.gov.uk  or over the telephone on 0800 138 3944.

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Want to have a chat?

We're here to help you understand how to make the most of your pension savings. If you have any questions or just want a better understanding of it all, simply get in touch with our retirement service to talk about it in more detail.

 0800 368 6882

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Important information

This information is not investment advice or a recommendation for any particular product, service or course of action. Pension and retirement planning can be complex, so if you are unsure of the suitability of a pension investment, retirement service or any action you need to take, please contact Fidelity’s Retirement Service on 0800 368 6882 or refer to your financial adviser.

The value of investments can go down as well as up and you may get back less than you invested. Eligibility to invest into a pension depends on personal circumstances and all tax rules may change. With pension products you will not be able to withdraw money until you reach age 55.