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What income will you need?


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How much retirement income do you think you will need?

As you get closer to your retirement date, it makes sense to get a clearer idea of what you’ll need to live on in the future and what your retirement income might be, including your state pension benefit. Then if there’s a gap between the two we can help you look at ways to close it. It’s never too late to boost your income in retirement.  Also with the 2015 pension changes you may want to make changes to your retirement plan.

What will you need to live on?

One of the first things to do is to sit down and have a think about how much money you’re likely to need after you stop working in addition to your state pension. Think about things like…

  • The cost of all your basics – including bills, food and fuel
  • Any housing costs – including rent, or your mortgage if it’s not paid off
  • Energy bills – they’re going up, and they’re likely to be higher if you’re at home a lot
  • Any essential extras – such as replacing the car, or repairs to your property
  • Luxuries – holidays and treats
  • Any costs you will no longer have – travelling to work

Remember that you could be relying on your retirement income for around 20 years or more, depending on the age you choose to retire.

It is good practice to review your pension regularly to make sure it's on track to provide the income you will need. By having a review with your NFU Mutual Financial Adviser*, they can help you decide what you will need and put together a retirement plan.

Talk to the experts

Our Financial Advisers* can offer expert, personalised advice to help make saving for your retirement as easy and practical as possible.


*Please note:

When you contact us we'll explain the advice services we offer and our charges. NFU Mutual Financial Advisers advise on NFU Mutual products and selected products from specialist providers.

For security and training purposes, calls may be recorded and monitored.