Future costs
More to fall back on when you retire
Whether your retirement is a long way off or just around the corner, it’s essential to prepare for your future. The current state pension is just £102.15 a week for a single person*.
While you may be entitled to additional state benefits such as pension credit, if you'd like a better income for those little extras and luxuries you may be looking forward to when you retire, a pension of your own could help.
*Directgov April 2011
How much might I need when I retire?
Joining your company pension scheme can help you bridge the gap between what you’ll get as a state pension and how much you think you’ll need, which will depend on:
- when you want to retire
- how long you’ll be retired for
- what you want to do or buy once you’ve retired
- whether you’ve got outstanding debts to pay off
- what other savings you’ve got for your retirement
Please note, benefits aren't guaranteed and the value of any investment may go down as well as up.
To help give you an idea of how much you might need, have a look at some future costs:
| 2011 | 2020 | 2030 | 2040 | |
|---|---|---|---|---|
Two pints of milk | 86p | £1.10 | £1.40 | £1.80 |
Bread (medium loaf) | 74p | 95p | £1.21 | £1.55 |
Litre of petrol | £1.29 | £1.65 | £2.11 | £2.71 |
March 2011 prices from mysupermarket.co.uk (Tesco own brand) and www.petrolprices.com
The table is just an example. Inflation is based on 2.5% a year.
Why choose AEGON?
Our award-winning technology and support makes setting up and running a pension scheme easy.
Next steps
If you would like more information, you should talk to your financial adviser.
If you don't have one, find a financial adviser in your area.
Next steps
If you would like more information you should talk to a financial adviser.
Contact us
Call us on:
0870 60 00 337
If you have a specific question about company or group pensions visit our contact pages.