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Time to set your goal

Time to set your goal

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This first Step has been all about your goal. So, how much do you think you will need to live on in retirement? Do you want to have a bit more than your current pay; about the same amount; just a bit less; about half your current pay or less than that? Set this as your initial goal. Don't worry if you're not sure yet. By the time you have completed Steps 02 and 03 you will have a much better idea of your goal and can come back and refine this.

Sat nav (image)

Remember that some of the things you spend money on at the moment might change once you reach your retirement (for example, you might still be paying rent but will you still be paying off a mortgage?)

The table below helps you work out a target for your income in retirement. As an example, if your retirement goal is to have less than half of your current pay and your pay now is £30,000, your goal from the table will be £9,000.

Your goal for retirement



Choose the green box that is the closest match to your retirement goal. Then find the orange box closest to your pay and read down that column until you meet your goal.

  Your pay now (before tax) is:
Your goal for retirement: £10,000 £20,000 £30,000 £40,000 £50,000
a bit more than your pay now £12,000 £24,000 £36,000 £48,000 £60,000
about the same as your pay now £10,000 £20,000 £30,000 £40,000 £50,000
a bit less than your pay now £8,000 £16,000 £24,000 £32,000 £40,000
about half of your pay now £5,000 £10,000 £15,000 £20,000 £25,000
less than half of your pay now £3,000 £6,000 £9,000 £12,000 £15,000
£ a year

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Saving your data means the programme can use it to help you in the following pages and other Steps. You do not see this message if you are logged in.

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Learn About Money: BOC were one of the main sponsors of the Learn About Money materials that were developed from 2002. A website version was launched in early 2004. The modules provide a good background to Working Money and can be accessed online at www.learnaboutmoney.org or by selecting a module from the following:


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