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  • Plan your future lifestyle

    The world of retirement has changed a great deal over the years and many of us expect more from life after work. What kind of lifestyle do you imagine? You may want to travel more, meet friends for lunch or take up a new hobby.

    When you stop working, it’s useful to have an idea of how much money you will receive and how much you will need to do all things you have always wanted, but still pay your monthly bills.

    Our tool gives you a glimpse of how much the lifestyle you imagine in retirement might cost.

    Let's get started

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    Just for you

    Free time at last. How much will you budget per person, per month to spoil yourself?

    £134 £238 £394 £509

    £134

    You’ll enjoy regular gym sessions with your basic membership, going to the cinema once a month, and fortnightly dance class.

    £238

    You plan to visit the cinema twice a month, upgrade your gym membership to include yoga classes and take up golf once a month. You’ll also enjoy art classes 3 times a month and a few shopping trips for clothing and footwear.

    £394

    You plan to get a premium gym membership, take the grandchildren to the cinema once a month, attend a monthly cookery class, and have an annual golf club membership. In addition, you’ll enjoy regular shopping trips for clothing and footwear.

    £509

    You plan to get a premium gym membership, take the grandchildren to the cinema twice a month, attend a monthly cookery class and have an annual golf club membership. You’ll also enjoy visiting the theatre four times a year and regular shopping trips for clothes.

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    Family life

    How much will you allocate from your budget, each month, towards treating nearest and dearest?

    £159 £589 £1,691 £3,139

    £159

    You’ll treat the family to a day out once a month, and weekly ice creams at the park. You expect to save towards a £500 budget a year for festive celebrations, and save an additional £50 a month for a rainy day.

    £589

    You plan on taking the grandchildren out to local attractions three times a month, as well as regularly paying for sweets and treats. You expect to save £800 a year to cover festive celebrations. You’ll also partly contribute towards your grandchild’s education, and also save an additional £100 a month.

    £1,691

    You’ll treat the family to a weekly day trip, as well as visits to the sweet shop. You plan to bank £1,000 in the year to cover festive celebrations. You’ll cover the costs of your grandchild’s day school fees, and also save an additional £200 a month.

    £3,139

    You plan on treating the family to a weekly day trip and get annual memberships for cultural and family attractions. You expect to save £2500 a year, to cover festive celebrations. In addition, you’ll pay for your grandchildren’s school fees, but continue to make monthly savings of £250.

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    Eating out and everyday essentials

    How much will you budget for food and household essentials, per person, per month?

    £252 £334 £533 £1,246

    £252

    Your food and essentials shopping and a two-course gastro pub meal, twice a month.

    £334

    On top of your food and essentials shopping you’ll enjoy a couple of three-course meals at a nice restaurant.

    £533

    All your food and essentials as well as a couple of three-course meals, and two gastro pub two-course meals.

    £1,246

    As well as your luxury and branded food and essentials, you’ll enjoy fine dining, and four gastro pub two-course meals.

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    Holidays and travel

    You may take advantage of the time you have, to take more trips, both locally and abroad. How much will you budget for travel and transport per person, per month?

    £434 £522 £821 £1,038

    £434

    You’re aiming for two local trips a month, saving towards two mini-breaks by the coast each year, as well as covering your local transport costs.

    £522

    You’d like three day trips a month, saving towards a week away in Europe and a mini-break by the coast each year. You expect a generous budget for local transport costs as you’re out and about regularly.

    £821

    You’d like four day trips a month, saving towards an all-inclusive Caribbean cruise, and a week away in Europe each year. Your monthly transport costs are high as you like to travel in comfort.

    £1,038

    You envisage four day trips a month, take a couple of mini-breaks in the UK, holidays abroad including an all-inclusive Caribbean holiday at a luxury resort, a week away in Europe each year and a three-week cruise. In addition, your monthly transport costs are high as you regularly enjoy going out and visiting friends.

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    Household bills

    You’ll probably be spending more time at home in retirement. How much do you think you’ll budget for bills per person, per month – not including any mortgage or rent payments?

    £386 £565 £690 £838

    £386

    A 3-4 bedroom property including council tax, utility bills, faster fibre broadband (35MB), touch screen phone with limited data and a freeview box with streaming subscription.

    £565

    A 3-4 bedroom property including council tax, utility bills, superfast fibre broadband (63MB), basic satellite TV package with streaming subscription and an up-to-date mobile phone contract.

    £690

    A 5+ bedroom property including council tax, utility bills, the fastest fibre broadband (108MB), an up-to-date mobile phone contract with plenty of data and memory. In addition, a satellite TV package with streaming subscriptions, emergency home cover and private healthcare insurance.

    £838

    A 7+ bedroom property including council tax for a H band house, ultrafast fibre broadband (362MB), the latest mobile phone and contract with plenty of data. In addition, a satellite TV package with premium streaming subscriptions, emergency home cover, landlord insurance, private healthcare insurance and pre-paid funeral plans.

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    What you'll need...

    From the information you have given to enjoy this lifestyle after you retire, you’ll need:

    per month
    after tax, (in today’s money - not accounting for rises in inflation)

    Home

    Food & Ent.

    Hobbies

    Travel

    Family

    EDIT YOUR CHOICES
    See how we've calculated these costs, and the assumptions we've made.

    What do you want to do next?

    Now you know how much you need, let’s see how you can achieve this.

    CONTINUE TO THE NEXT STEPS GET SPECIALIST ADVICE

    Your NHS pension

    Your NHS pension is likely to form a significant part of your retirement income, and possibly provide a lump sum.

    Do you know how much monthly income your NHS pension will currently provide?

    Your teachers pension

    Your teachers pension is likely to form a significant part of your retirement income, and possibly provide a lump sum.

    Do you know how much monthly income your teachers pension will currently provide?

    Your workplace pension

    Your workplace pension is likely to form a significant part of your retirement income, and possibly provide a lump sum.

    Do you know how much monthly income your workplace pension will currently provide?

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    Summary

    Based on the income from your NHS pension only, you currently have more income from your NHS pension than what you need to cover the cost of your desired lifestyle in retirement.

    The income you will eventually receive from your NHS pension will depend on your remaining time in employment, any changes in your job and whether you plan to take a lump sum.

    This calculation doesn’t include any tax you will need to pay on your pension income.

    Let’s continue to review your retirement finances.

    This information does not constitute financial advice. It’s based on our current understanding of legislation. Legislation and tax treatment can change in the future.

    Based on the income from your NHS pension only, you currently have less income per month than what you need to cover the cost of your desired lifestyle in retirement.

    This calculation doesn’t include any tax you will need to pay on your pension income.

    However, you may have other income when you retire, that might meet the shortfall.

    Let’s continue to review your retirement finances.

    This information does not constitute financial advice. It’s based on our current understanding of legislation. Legislation and tax treatment can change in the future.

    Your NHS pension is likely to form a significant part of your retirement income, and possibly provide a lump sum.

    It’s important to find out the value of your pension, to help you assess if you need to make further savings in order to bridge any potential gaps between income and expenditure.

    The value of your pension is normally provided as part of your NHS reward statement.

    Wesleyan Financial Services Consultants are specially trained to understand the NHS Pension Scheme and can talk to you about your retirement finances at a no-obligation face-to-face meeting

    That’s great. It’s really important to understand which section(s) of your occupational pension scheme you’re in and how this affects the benefits you and your family will receive in the future.

    It’s important to know not just the current value but what your benefits from the scheme are likely to be at retirement.

    The income you will eventually receive from your occupational pension will depend on your remaining time in employment, any changes in your job and whether you plan to take a lump sum.

    Your occupational pension is likely to form a significant part of your retirement income, and possibly provide a lump sum.

    It’s important to find out the value, to help you assess if you need to make further savings in order to bridge any potential gaps between income and expenditure.

    The value of your pension is normally provided in an annual statement from your pension provider.

    Wesleyan Financial Services Consultants are specially trained to understand teachers’ pension schemes and can talk to you about your retirement finances at a no-obligation face-to-face meeting

    That’s great. It’s really important to understand how your workplace pension works and the benefits it provides to you and your family.

    It’s important to know not just the current value but what your benefits are likely to at retirement.

    The income you will eventually receive from your pension will depend on your remaining time in employment, any changes in your contributions and whether you plan to take a lump sum.

    Your workplace pension may form a significant part of your retirement income, and possibly provide a lump sum.

    It’s important to find out the value, to help you assess if you need to make further savings in order to bridge any potential gaps between income and expenditure.

    The value of your pension is normally provided in an annual statement from your pension provider.

    Next

    Any other pensions...

    Do you have any other pensions besides your NHS pension (not including the State Pension)?

    Do you have any other pensions besides your teacher’s pension (not including the State Pension)?

    Do you have any other pensions besides your current workplace pension (not including the State Pension)?

    Next

    Summary

    Did you know that since the introduction of the ‘Pension Freedoms’ there are now a range of ways you can take your pension benefits?

    It’s important to understand what these options are for your specific pensions and the associated benefits and risks.

    This will help you choose the best options to meet your own needs in retirement.

    The maximum amount of the flat-rate State Pension is currently £8,546.20 per annum (2018/19 tax year) based on 35 years’ qualifying National Insurance Contributions (NICs). It’s important to find out your individual entitlement.

    When you can access your State Pension, will depend on your date of birth.

    Did you know that you can calculate your State Pension age, and request a statement, free of charge, via the GOV.UK website?

    Next

    Your savings and investments

    Do you have any other investments or savings that you’ll put towards funding your lifestyle in retirement?

    Next

    Summary

    Retirement planning is not just about pensions. Your other investments and savings can help boost your income in retirement.

    It's important to review your savings and investments to make sure they are part of your retirement plan, and continue to match your appetite for risk.

    This could also include any property you own and your plans for this in retirement.

    There are a number of ways that people choose to fund their retirement (either through lump sums, or a regular income).

    Have you thought about:

    • continuing to work part-time
    • your partners pension(s)
    • inheritance / trusts
    • property (downsizing or buy-to-lets)
    • State benefits and allowances
    • exiting a business, you or your partner may have a share in?
    Next

    Tax

    Do you feel you understand how much tax you will need to pay on your pension and other sources of income that are related to your retirement?

    Next

    Summary

    You obviously recognise the significance of this.

    How much tax you pay is a major consideration when you’re:

    • saving for your retirement
    • deciding how you will fund your lifestyle in retirement

    The tax treatment of personal pensions depends on individual circumstances and it’s important to keep up to date with any changes to the way in which tax is applied to your income.

    Our advice can help you maximise your income and ensure you don’t pay more tax than you have to, making the most of your pension and savings.

    This information is based on our current understanding of legislation. Legislation and tax treatment can change in the future.

    When you retire, you may still need to pay Income Tax on your pension, which includes your State Pension and other sources of income. Therefore, it’s very important to understand the different ways that tax can impact you.

    Our advice can help you maximise your income and ensure you don’t pay more tax than you have to, making the most of your pension and savings.

    This information is based on our current understanding of legislation. Legislation and tax treatment can change in the future.

    Next

    YOUR RESULTS

    Based on the information you have entered, here is a short summary of your results:

    At this moment in time:

    • You don’t know the value and benefits of your pension
    • You don’t have more than one pension
    • You don’t have investments and savings for extra retirement income
    • You don’t know how retirement taxes will affect you

    Your results look promising - you seem to be confident when it comes to planning your finances for retirement.

    The results are based on the information you have given. However, they cannot take into account your individual needs. Therefore, we recommend that you speak to a financial consultant.

    Wesleyan are the specialist partner to society’s most trusted professions, offering specialist financial advice throughout your life. Our Financial Consultants are dedicated to serving your profession

    They can help you maximise income and ensure you don’t pay more tax than you have to, so you can achieve your desired lifestyle in retirement.

    Your results indicate that you may benefit from receiving financial advice, to help you get your retirement income planning on track.

    The results are based on the information you have given. However, they cannot take into account your individual needs. Therefore, we recommend that you speak to a financial consultant.

    Wesleyan are the specialist partner to society’s most trusted professions offering specialist financial advice throughout your life. Our Financial Consultants are dedicated to serving your profession.

    They can help you maximise income and ensure you don’t pay more tax than you have to, so you can achieve your desired lifestyle in retirement.

    For a no-obligation financial review

    GET SPECIALIST ADVICE RE-ASSESS MY RESULTS

    Attend one of our pre-retirement seminars for medical and dental professionals

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