How much pension do you need for your dream retirement? Take our quiz to see the amount you'll be comfortable on without working

Asia's Tech News Daily

How much pension do you need for your dream retirement? Take our quiz to see the amount you'll be comfortable on without working
© Provided by This Is Money MailOnline logo

What sort of lifestyle do you hope to enjoy in retirement, and are you saving enough to afford it? 

To help answer this key question the pensions industry has created detailed guidelines, giving savers a clearer p­icture of how much income they’ll need in order to live the life they want to after work. 

The Retirement Living Standards, developed by L­oughborough University and the Pensions and Lifetime Savings Association (PLSA), split spending expectations into three c­ategories of lifestyle — minimum, moderate and comfortable. 

How much pension do you need for your dream retirement? Take our quiz to see the amount you'll be comfortable on without working
© Provided by This Is Money (

The research covers everything from the brand of baked beans you like to buy to the holidays you hope to take and the car you’ll want to drive. Below, the PLSA has devised a quiz for Money Mail readers to give you an idea of how much money you’ll need for the retirement you want. 

The figures below do not include mortgage or rent costs, and the state pension of more than £9,000 a year can be used to bolster your annual income. Consider these eight questions and make a note of which answers — A, B or C — best sum up your spending hopes in retirement… 

1. How much money will you spend on household expenses, such as utility bills, home upkeep and furniture? 

A) £240 a month — I’m careful with my money, do DIY, run the heating s­paringly and turn off all the lights when I leave a room. 

B) £380 a month — my house is slightly larger so it costs more to heat. I don’t mind paying for help with occasional painting and decorating. 

C) £760 a month — I have comprehensive building and contents insurance, a large house to heat, I employ a cleaner and gardener and like to keep my home upto-date by renovating a room roughly every ten years. 

How much pension do you need for your dream retirement? Take our quiz to see the amount you'll be comfortable on without working
© Provided by This Is Money (

2. How much do you spend on food and drink, both at home and going out? 

A) £200 a month — I treat myself to a takeaway occasionally but mostly I’m happy with home-cooked meals. 

B) £280 a month — I tend to have a takeaway or a meal out about once a fortnight. 

C) £560 a month — I have a weekly takeaway and like to treat my family to a dinner out from time to time. 

3. How much do you plan to make use of technology when you are retired? 

A) I don’t need more than an entry-level smartphone, a basic broadband package and access to Netflix. 

B) I’m happy without all the bells and whistles, but would enjoy a newer phone, faster broadband, Netflix and a sports or film package for my TV. 

C) I’m a data-holic and expect to be a real silver surfer. I want a top-of-the-range smartphone, fast broadband, a TV capable of streaming plus sports and films packages and a smart speaker. 

WHAT THE ANSWERS MEAN FOR YOUR POT

Mostly A — Minimum: you enjoy the simple life and won’t spend much outside of essentials. A full state pension of £9,339 is a good start, but you may want to pay into a pension. The annual budget for this standard is £10,900 for a single person and £16,700 for a couple. If you share costs as a couple, you may meet the minimum level with your combined entitlements. POT NEEDED: £31,220 

Mostly B — Moderate: You value extra security and comfort. The annual budget for the moderate standard is £20,800 for a single person and £30,600 for a couple. Try to maximise the contributions offered by employers and make additional contributions. Around half of single employees can expect a lifestyle between minimum and moderate. There will be more couples in this range. POT NEEDED: £270,420 

Mostly C — Comfortable: You enjoy the finer things in life. The annual budget needed is £33,600 for one person and £49,700 for a couple. About one in six single employees is projected to be between moderate and comfortable, but it will be easier if you can share costs in a couple. You will need a high income or a generous company pension, and must save early and make contributions well above the minimums. POT NEEDED: £590,420 

Figures reflect pension pot needed for a single person to buy an annuity to top up their state pension income to the required annual spending budget.

4. Which of the following best describes your expectations for hairdressing and beauty treatments in retirement? 

A) I’d be happy with a simple haircut once a month and a spritz of fragrance for an evening out.

B) I spend a bit more on haircuts and have the occasional beauty t­reatment, but I would be happy to colour my hair at home. 

C) I like life’s luxuries and expect monthly beauty treatments and a professional cut and colour every six weeks. 

 

5. If you think you’ll run a car in retirement, how often do you plan to replace it? 

A) Running a car is expensive and I’ll have a free bus pass anyway. I don’t expect to have a car in retirement. 

B) I’d really like to run a car, but I don’t mind if it’s a bit older and only replaced every ten years. 

C) I’m a keen motorist and expect to have a newer car that I replace every five years. 

6. Which of the following best describes your expectations for holidays in retirement? 

A) A couple of short UK breaks each year. 

B) Two weeks in Europe, and a long weekend in the UK. 

C) A fortnight in Europe each summer, a week of winter sunshine and various UK weekend trips. 

7. What do you spend each month on clothes, other personal items and any health-related services? 

A) £120 a month — I only replace clothes when they wear out. 

B) £300 a month — I like to buy new things for myself, but tend to pick them up when they’re on sale. 

C) £320 a month — I am always on trend with the latest fashion. 

8. How much money do you expect to donate to charity each month or spend on presents? 

A) £20 a month — I’d like to get my grandchildren something small for Christmas and birthdays, but I don’t expect to be able to afford to give much money away. 

B) £60 a month — I’d like to buy gifts for my relatives and close friends, and occasionally put some loose change in the collection box at the supermarket. 

C) £160 a month — I’d like to really spoil my friends and family with presents, and make donations to charities that are important to me. 

Internet Explorer Channel Network
Asia's Tech News Daily
News Related

OTHER NEWS

Police arrest 2 Turkish nationals in Bali for alleged ATM skimming

Photo for illustration purpose only. Photo: Pixabay Two Turkish nationals are facing six years in prison each over an alleged skimming attempt in Bali, after police arrested them last month. ... Read more »

AJ Raval, umaming nagpadagdag ng boobs; balak ipatanggal sa 2022

© Provided by PEP.ph Ang ipatanggal ang kanyang breast implants ang isa sa mga plano ni AJ Raval sa 2022. Hindi na raw kasi komportable ang pakiramdam niya. Sa virtual ... Read more »

Lampard, Terry, Bircham: What is the latest with Ipswich Town's manager hunt?

© Provided by Football League World Frank Lampard 7 Ipswich Town are still in the process of looking to recruit a replacement for the recently departed Paul Cook at Portman ... Read more »

The West Brom youngsters who could save the club a fortune in transfer fees

The current picture at the top of the Premier League 2 Division 2 table isn’t too dissimilar to how the land lies at the summit of the Championship – West ... Read more »

Swansea City's Jake Bidwell stance revealed amid Birmingham City transfer link

Swansea City are working on a deal to keep Jake Bidwell at the Liberty Stadium. Our colleagues at Wales Online have revealed the Swans are in talks to keep not ... Read more »

Another blow: Gold drops Spurs squad update ahead of BHAFC clash, fans must be worried - opinion

© Provided by Football FanCast Tottenham Hotspur Stadium general view before Watford clash in the Premier League Tottenham Hotspur cannot train ahead of this weekend’s Premier League clash with Brighton ... Read more »

Relentless Ollie Robinson proves there's life after being cancelled

Fame is proving a capricious mistress for Ollie Robinson. In a little over six months, he has marked his Test debut by apologising for the bigoted tweets he sent as ... Read more »

Hibs break Jack Ross silence as club announce David Gray could take team for Cup Final

Hibs have officially confirmed the sacking of Jack Ross after “a prolonged run of poor results”, with David Gray potentially in the dugout for the Premier Sports Cup final. A ... Read more »

How Aston Villa's dream January transfer window could look

Steven Gerrard has continued to make a point of putting his “own stamp” on Aston Villa and he’s done a fantastic job of that given three wins from four so ... Read more »

Bengals tied for fifth toughest remaining schedule ahead of playoffs

After two years of dramatic, painful roster turnover, the fact the Cincinnati Bengals are even in the playoff conversation is a great thing. © Sam Greene/The Enquirer / USA TODAY ... Read more »

USC's midrange man: Drew Peterson follows the DeMar DeRozan blueprint

In the offseason, the hype and excitement around the USC Trojans basketball team was real. © Provided by Trojans Wire After a stunning run to the Elite Eight, things got ... Read more »

CSC advises gov't employees to hold virtual holiday celebrations amid Omicron threat

Photo: CSC on FB The Civil Service Commission (CSC) on Thursday advised government employees to hold virtual holiday festivities, instead of in-person celebrations. CSC chairperson Alicia dela Rosa-Bala reminded the ... Read more »

Video: Adorable and chubby baby pygmy hippo delights visitors at Sydney's Taronga Zoo on her first public outing

Read more »

Remains found in car linked to 1976 cold case

© Troup County Sheriff The case has remained a mystery since 1976 US officials believe the discovery of human remains in a car at the bottom of an Alabama creek ... Read more »

Walnuts for holiday baking languish as U.S. shipping crisis hurts farmers

© Reuters/BRITTANY HOSEA-SMALL GoldRiver Orchards, a family-owned walnut producer in Escalon By Sharon Bernstein and Nathan Frandino ESCALON, Calif. (Reuters) – The shrink-wrapped boxes of fresh California walnuts stacked almost ... Read more »

Major sponsors desert Royal Court theatre over anti-Semitic row after play's billionaire villain was given Jewish name

Corporate backers are pulling funding from Britain's most famous radical theatreLeading law firms Kirkland & Ellis and Weil, Gotshal & Manges condemned playBosses said they would no longer work with the Sloane Square venue due to rowThe Royal Court was forced to apologise last month and change the name of partBosses said they would change Hershel Fink to Henry Finn after a huge backlash Read more »

Roberto Firmino, Harvey Elliott, Curtis Jones - Liverpool injury news and expected return dates before Aston Villa

Jurgen Klopp’s injury concerns have eased with Naby Keita and Joe Gomez returning but a number of players still remained sidelined. Liverpool became the first English team in the Champions ... Read more »

Video: Dad's in trouble! Moment two-year-old girl drops the F-bomb when her father loses his game of Fortnite

Read more »

Why Indo-Russian relations continue to remain strong despite divergent geopolitical and strategic drifts

© Provided by Firstpost Why Indo-Russian relations continue to remain strong despite divergent geopolitical and strategic drifts The recently concluded Indo-Russian summit was more than just an annual dialogue between ... Read more »

Caught in the act! Nightclub photo goes viral after followers notice male clubbers apparently eyeing up pair of partying girls in VERY awkward snap

Clubbers were left in hysterics after two men appeared to be 'caught in the act'Photo of men eyeing up two women on a nightclub dancefloor went viralPicture was taken at Liquid & Envy in Oldham, Greater Manchester this monthPhotographer suggests his snap may simply have been unfortunately timed and the men may not have been looking at the women Read more »

Recurring Deposit: Get up to 8.5% annual interest on these RD schemes

© Provided by DNA Recurring Deposit (RD) is a popular option to make small savings. Apart from banks, finance companies also provide the facility of investment in RD. In this ... Read more »

Video: Lionel Messi bamboozles his adoring sons with his silky skills as Paris Saint-Germain star runs rings around his children during front room kick-around after Ballon d'Or win

Read more »

Going out with a BANG: Disgruntled employee 'BLOWS UP oil warehouse in Thailand causing £900,000 damage because she was sick of her boss'

Ann Sriya, 38, allegedly blew up the Prapakorn Oil warehouse on November 29She allegedly set a piece of paper on fire and threw it on top of a fuel containerPictures show plumes of smoke billowing out of warehouse in Nakhon Pathom Sriya claimed she driven by the stress her boss Pipat Ungprapakorn caused her Read more »

COVID-19: Labour MP's anger at government 'arrogance' over Christmas parties

The paymaster general responds to emotive question in the Commons over Christmas party scandal. Read more »

'Go out, but stay in, stay safe at home, but go out, but don't': Jokers flood internet with memes after Boris Johnson says workers must avoid the office but CAN go to office Christmas parties

The Prime Minister gave press conference calling for working from homeBut he was insistent that Christmas parties should still go ahead for workersIt sparked social media users questioning his wisdom through medium of meme  Read more »

Video: Going out with a BANG: Disgruntled employee 'BLOWS UP oil warehouse in Thailand causing £900,000 damage because she was sick of her boss' 

Read more »

New Zealand bans young people from ever buying cigarettes shortly after making drug testing legal

© Getty Images Smoking rates in the Maori community are particularly high – Getty Images New Zealand announced plans Thursday to effectively ban smoking by progressively lifting the age at ... Read more »

Ioniq 5 versorgt Homeoffice mit Strom - Bidirektionales Laden bei E-Autos

Schwedische Designer haben ein Tiny House mit mobiler Stromversorgung erdacht. Für die soll der Akku von Hyundais E-Auto sorgen, das einen Adapter zum Stromspenden bietet. © Hyundai So stellen sich ... Read more »

Legendärer Mille-Miglia-Sieger in London - Mercedes-Benz SLR 722 W196S „The Last Blast”

Mit diesem 300 SLR gewann Stirling Moss 1955 die Mille Miglia. Jetzt drehte Mercedes-Benz mit dem W196S eine Runde durch London. © Mercedes-Benz Es war ein legendärer Ritt: Zehn Stunden ... Read more »

Steel exports in FY22 likely to surpass that of FY21: Infomerics report

© Provided by Business Today Steel exports in FY22 likely to surpass that of FY21: Infomerics report Indian steel industry has bounced back despite being hit by the slowdown in ... Read more »

Omicron threat: People with health issues or inactivated vaccine should get booster dose, says WHO

© Provided by Zee News The World Health Organization’s (WHO) vaccine advisory panel recommends that people who are immunocompromised or received an inactivated vaccine should receive a booster dose of ... Read more »

Mahindra Group inks deal with Jio-BP to accelerate EV adoption in India

© Provided by CNBCTV18 The Mahindra Group has inked a partnership with Jio-BP — a joint venture of Reliance Industries and BP of the UK — to explore EV and ... Read more »

Odisha police constable result 2021 declared, check list of constable resul

Odisha police constable result 2021: Odisha Police Recruitment Board has declared the results of written examination for the post of constable (Communication). Candidates, who appeared for the examination, can check ... Read more »

Better.com's top executives resign after CEO Vishal Garg relentlessly fired 900 on Zoom call: Report

© Provided by Zee News New Delhi: Better.com’s top three executives have submitted their resignation from the mortgage company after CEO Vishal Garg relentlessly fired 900 employees over a Zoom ... Read more »

First pic: Tejashwi Yadav, RJD leader and Lalu Prasad Yadav's son, is engaged now

© Provided by Zee News Tejashwi Yadav, the younger son of Rashtriya Janata Dal (RJD) national President Lalu Prasad Yadav, will get married soon. His engagement took place in Delhi ... Read more »

Éric Zemmour's Reconquest

© Joseph Chabord; Antoine Gyori / Corbis / Getty; The Atlantic In October, Éric Zemmour, the best-selling French author and media personality who has won a devoted following by applying ... Read more »

Scrutiny of D.C. jail reaches new levels

Conditions at the D.C. jail have been facing scrutiny for months. Why it matters: The jail has long been the target of local criticism, but it has become a lightning ... Read more »

Covid Plan B: what is it and will it work?

Prime Minister Boris Johnson said introducing new coronavirus restrictions is a “proportionate and responsible” reaction to the spread of the Omicron variant. – What is in Plan B? England’s new ... Read more »

Columbus police ask for public's help in solving triple homicide

Columbus city leaders are asking for the public's help in solving a deadly shooting that left three people dead Tuesday evening, including two young siblings. Stay on top of the ... Read more »

Market Movers: A small announcement helps ITC steal show on a dull day

MUMBAI: Who knew all that ITC needed to do to lift the spirits of millions of its retail investors was just meet the analysts. The company’s announcement that it will ... Read more »
On free-english-test.com you will find lots of free English exam practice materials to help you improve your English skills: grammar, listening, reading, writing, ielts, toeic