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Setting a targetTaking Control

Staying on track

Saving for your future is probably the biggest thing you will save for, so it is good to have an idea of how much you will need.

How much will you need?

Do you know how much you will need to live on when you retire? When thinking about your target income in retirement, you need to think about where you will be living, what your outgoings will be and how you want to spend your time.

What you can do

  • Work out your outgoings now

  • Think about how your spending might change when you are no longer working. For example, you might have paid off your mortgage, but you might want to spend more on holidays than you do now.

  • Adjust the value of your current outgoings to account for the way your spending will change in retirement.

This will give you a target income to aim for.

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