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Do you know how much money you’ll have to spend in retirement? Does it align with the standard of living you’re expecting?
The Retirement Living Standards show the kinds of lifestyle someone could have in retirement and roughly how much money they might need to support that lifestyle.
Fair and balanced
The underlying data is taken from a cross-section of society – different ages, backgrounds, ethnicities and circumstances – to ensure that the Standards are balanced.
The data is updated regularly to ensure that the Standards remain broadly in line with the cost of living.
Retirement Living Standards
There are three Standards:
Minimum – This covers all your basic needs with some left over for fun.
Moderate – This level provides more financial security and flexibility.
Comfortable – provides more financial freedom and some luxuries.
The figures for each Standard reflect what someone might need to spend in retirement rather than the income needed.
Which Standard are you on track for?
If you’re unsure broadly which Standard you’re on track to achieve:
Check the value of your Aon OnePlan savings by logging into the member website via the 'My Account' page.
Check the value of any other pension savings you have – these might be in the ARP and/or in other workplace pension arrangements.
Factor in your State Pension entitlement to find out what your State Pension is expected to be and when you’ll receive it. You can get a State Pension forecast on the Gov.uk website.
Allow for any other sources of retirement income you may have, such as ISAs or rental income.
Work out your approximate total yearly income and deduct income tax.
Retirement income and taxation
Your retirement income will be subject to tax as earned income, so factor this in when reviewing your own situation.
Boosting your savings
If you’re not on track for the lifestyle you’d like in retirement after taking account of all forms of income you may have, and you’re in Aon employment, consider boosting your Aon OnePlan contributions if you can afford to do so.
You can make a change to your contributions at any time.
To review or make a change, head to the 'My Account' page from where you can visit Aon’s employee benefits platform Select.