Whether you're paying in to the Greater Manchester Pension Fund (GMPF) or not, it's important to plan for the retirement you want.
Pensions can be confusing but it's important to think about your future and plan ahead. We've put together some resources to help you understand more about pensions, including State Pension and tax.
Take our quiz and find out
Our living standards guide shows how far you can expect your pension to go
Useful resources for learning more about pensions
What do you want your pension to pay for?
The Retirement Living Standards have been designed by the Pension and Lifetime Savings Association (PLSA) to help you picture what kind of lifestyle is possible in retirement. The aim is to help you think in a practical way about the kind of lifestyle you want and to help you plan for the future.
For many people, your private and state pensions could go a long way towards these costs. The full new State Pension for 2023/24 is £203.85 per week, or £10,600.20 a year. Remember, you may need to add other costs depending on your circumstances, such as rent, mortgage and social care costs as the Standards assume you will be mortgage and rent free by retirement.
The Standards show what life in retirement looks like at three different levels of income; minimum, moderate and comfortable, and whether you are single or a couple. The categories below show what life in retirement could look like at each of the different levels.
|Income level||Single||Couple||Standard of living|
|Minimum||£12,800||£19,900||Covers all your needs, with some left over for fun.|
|Moderate||£23,300||£34,000||More financial security and flexibility.|
|Comfortable||£37,300||£54,500||More financial freedom and some luxuries.|
- At minimum level you could have a week and a long weekend in the UK every year.
- At moderate level you could have two weeks in Europe and a long weekend in the UK every year.
- At comfortable level you could have three weeks in Europe every year.
Food and drink
- At minimum level you could spend £54 a week on your food shop.
- At moderate level you could spend £74 a week on your food shop.
- At comfortable level you could spend £144 a week on your food shop.
- At minimum level you would have no car.
- At moderate level you could have a three year old car, replaced every ten years.
- At comfortable level you could have a two year old car, replaced every five years.
You can find out more about the retirement living standards, including how they are worked out and what items are included in each category at www.retirementlivingstandards.org.uk
The Standards are updated on a regular basis with the last update in 2023, which included the increase to the cost of living and inflation.
If you’re approaching or past your State Pension age and worried about living costs you can check your eligibility for Pension Credit on the gov.uk website. Pension Credit can help you with your living costs if you are over State Pension age and on a low income. You can read more about State Pension age on our website and find out more about your State Pension at State Pension - GOV.UK (www.gov.uk)