Our Budget Planner allows you to select from different items you know you will spend money on in your retirement. It should help you to see how much these things may end up costing and what sort of income you might need in retirement. We have based our figures on a number of assumptions, for an individual, which can be adjusted if required.
is the level of income after tax you will need to fund the lifestyle you have chosen. Talk to your financial adviser to work out the pre-tax income you require.
is the level of income after tax you will need to fund the lifestyle you have chosen. Talk to your financial adviser to work out the pre-tax income you require.
Now that you have seen what level of income you may need in retirement, check your pension plan documentation. Your pension benefit statement will show you the current value of your plan as well as a projection of your likely fund at retirement. If you are a member of an Irish Life Corporate Business pension plan, check the current value of your pension savings in Pension Planet Interactive www.pensionplanetinteractive.ie.
Budget Planner Tool assumptions
To see the assumptions we have made in calculating the costs in our Budget Planner Tool, click here assumptions.
Our Budget Planner allows you to select from the different items you know you will spend your money on in retirement. It should help you to see how much these things may end up costing and what sort of income you might need in retirement.
We have based our figures on a number of assumptions:
Here are the assumptions we have made for each item:
Sub-Category | Assumption | Cost Assumed Per Item | Item Frequency Per Annum | Annual Cost |
---|---|---|---|---|
Cost of Living | ||||
Electricity and Heating bills | Assumes cost based on 2018 average bills: Electricity: €750 each year, Gas: €1,100 each year | €1,850 | 1 | €1,850 |
Phone and Broadband | Assumes cost per month of Broadband, Landline & Mobile deal: €35 per month for first 6 months, €40 per month thereafter: €450 per year | €450 | 1 | €450 |
Home improvements and Maintenance | Assumes cost of €100 per month | €100 | 12 | €1200 |
Grocery shopping | Assumers average weekly shop of €97 | €97 | 52 | €5,044 |
Property tax | based on Valuation ban €300,000-€350,000, Local Property Tax 2018 full year charge | €585 | 1 | €585 |
Waste/Bin Charges | Based on quote for Pay by Weight Annual Fixed Charge, €17.50 per month, €210.00 pre year | €210 | 1 | €210 |
Friends and Family | ||||
Support for Children and Grandchildren | Assumes €100 per month | €100 | 12 | €1,200 |
Birthdays/gifts for friends and family | Assumes €50 per month | €50 | 12 | €600 |
Motor costs | ||||
Operating costs | Based on AA Motoring costs 2018 for Band A vehicle, for €16,000km | €10,672 | 1 | €10,672 |
New Car every 5 years | Based on AA Motoring costs 2018 for Band A vehicle: New car every 5 years: €13,000 > per year rata €2,600 | €2,600 | 1 | €2,600 |
Total Assumed Annual Cost of Living: | €24,411 |
Sub-Category | Assumption | Cost Assumed Per Item | Item Frequency Per Annum | Annual Cost |
---|---|---|---|---|
Medical Insurance | Based on health insurance quote for 1 adult over age 25 | €895 | 1 | €895 |
General Medical Expenses | Doctor / Dentist Visits | €60 | 12 | €720 |
Medicine / Prescriptions | €40 | 12 | €480 | |
Glasses | €35 | 1 | €35 | |
Total Assumed Annual Health Costs: | €2,130 |
Sub-Category | Assumption | Cost Assumed Per Item | Item Frequency Per Annum | Annual Cost |
---|---|---|---|---|
Yearly 2 Week Holiday | Holiday | €2,166 | 1 | €2,166 |
Entertainment | Books | €12 | 12 | €120 |
Cinema | €15 | 6 | €90 | |
Theatre | €30 | 4 | €120 | |
Concerts | €40 | 4 | €160 | |
Dining Out | €50 | 24 | €2,400 | |
Hobbies | Golf / Club membership | €1,000 | 1 | €1,000 |
Hair / Clothes / Shopping | Gents / Ladies Haircut | €37 | 12 | €444 |
Clothes / Personal Shopping | €150 | 12 | €1,800 | |
Total Assumed Annual Leisure Costs: | €8,300 |