Let’s have a think about what you want out of retirement so you can plan for your future
Get the retirement you’re after
It’s useful to think about what sort of lifestyle you want when you retire. That could be anything from going on holiday a couple of times a year, to just paying your bills and having the occasional treat.
To get an idea of the sort of lifestyle you could expect in the future, take a look at the different incomes below. These figures are based on yearly household income.
What could your lifestyle look like?
Pay for bills and food shopping
Occasional meals out
Go on UK holidays
Eat out every so often
Go on a few European breaks a year
Have a few dinners out a week
Take regular trips to Europe or further
Whatever you want out of your retirement, building a pension can help make that happen. It’s also a tax-efficient way of securing your future, as the tax you would have paid goes towards your retirement instead.
And remember, you’re not on your own. Your employer’s contributions make up a big chunk of your pension too.
With the Investment Builder you save into your own savings pot. How your savings grow will all depend on how much you invest and how your investments perform.
It’s also possible that the money you put in earlier on could be worth more than the money you put in later. That’s because it has more time to grow. So putting some money aside as soon as you can may mean more savings in the future.