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How much you'll need

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.

Why not watch our planning for retirement video for four easy steps to help you plan for your future.

Estimate your future income

Use our Benefit Calculator in My USS to take a look at what your pension could look like and if you're on track for the future you want.

Saving that little bit extra

All our members build benefits in the Retirement Income Builder, which gives you security in retirement with a guaranteed income. You can view the value of your benefits in My USS.

If you want to save more, you can use the Investment Builder to top up your benefits. You’ll already be building savings up here if you:

  • earn over the salary threshold 
  • transferred another pension savings over to us since October 2016 (this includes if you’ve switched your Prudential Money Purchase AVCs)
  • have already made additional contributions.

If you’re not already saving in the Investment Builder, you can make additional contributions in My USS.

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.

It’s worth noting that you can take your savings in the Investment Builder from age 55 (rising to 57 in 2028). See your options at different ages and stages for more information.

Use our Benefit Calculator in My USS to estimate how much any additional contributions to the Investment Builder could provide as a savings pot when you come to take them.

Let’s get things set up

You can take control of your benefits and savings in My USS. Log in or register to:

  • see the benefits you’ve built up in the Retirement Income Builder
  • top up your Investment Builder savings if you want to save more
  • manage your investments in the Investment Builder
  • set your Target Retirement Age (TRA) if you have Investment Builder savings.

Got a question about approaching retirement? Read our FAQs.

Visit our understanding your options page to find out how you can take your benefits or savings.

For important information on this guidance please see our key names and important information page.

  • Log in or register for My USS

    Our online portal for managing your membership