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Retirement Calculator

How to use this calculator

  1. Tell us if you're planning for one person or two.
  2. Pick how much you'd like to spend each year in retirement. The Minimum, Moderate and Comfortable levels come from the PLSA Retirement Living Standards, or enter your own figure.
  3. Add your birth year, the age you'd like to retire, and how long to plan for. We suggest planning to at least age 90.
  4. Tell us about your state pension. If you're not sure, check your forecast at gov.uk/check-state-pension, it takes two minutes.
  5. Add anything you've already saved for retirement and what you put away each month, including employer pension contributions.
  6. Adjust the growth and inflation assumptions if you'd like. The defaults are sensible long-term starting points, not predictions.

The calculator shows the pot you might need at retirement, the extra you might need to save each month, and a cash flow chart of where your retirement income could come from year by year. All figures are in today's money, so you can compare them to your spending now.

Retirement goal calculator

Estimate the pot you might need at retirement and how much to save each month to get there. A guide to help you plan, not a definitive answer.

Who is this plan for?
How much do you want to spend each year in retirement?
Moderate: £32,700 a year for a one-person household.Source: PLSA Retirement Living Standards
This is yearly spending in today's money, after tax. The Minimum, Moderate and Comfortable levels come from the PLSA Retirement Living Standards and update automatically for one or two people.
About you
Your details
State pension
£
Enter a birth year to estimate your state pension age.
Defined benefit pensions are entered in today's money. We assume they start at that person's retirement age and rise with inflation. Leave at 0 if none.
£
Everything already set aside for retirement across pensions, ISAs and investments. For two people, enter the combined total.
£
What you already put away each month, including employer pension contributions. We assume it continues until retirement and rises with inflation. For two people, enter the combined total.
Assumptions
%
%
%
Growth rates are yearly averages before inflation. State pension and defined benefit income are taxed at 20% above the personal allowance (£12,570 per person). Withdrawals from your pot are assumed to be 25% tax free with the rest taxed at the basic rate of 20%, so each £1 withdrawn gives you 85p to spend.

Education-only. This is not personal financial advice or a recommendation. The results are estimates based on the figures and assumptions you have entered, and real returns, inflation, tax rules and state pension rules can all differ. Capital is at risk.

Your retirement numbers
Based on your details and assumptions, here is a guide to what you might need:
Extra to save each month
£—
Pot needed at retirement
£—
All figures are in today's money
Projected savings at retirement
£—
Shortfall to fund
£—
Years until retirement
—
Years in retirement
—
Cash flow
Enter your details to see the chart.
Quick check
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Yearly income picture Per year
Enter your details to see the breakdown.
How it works: we project your current savings and monthly saving up to retirement using your growth rate, then work out the pot needed to cover your yearly spending gap (after state pension and defined benefit income net of income tax, grossed up for the tax on pot withdrawals) through retirement using your post-retirement growth rate. The headline shows the extra monthly saving needed on top of what you already save. Everything is adjusted for inflation, so all figures are in today's money, and saving amounts are assumed to rise with inflation each year. For two people, drawdown starts when the first person retires and new saving stops at that point.

This calculator is for education only. It is not financial advice, a personal recommendation, or a prediction of what will actually happen. The results are estimates built on the figures and assumptions you enter, and on simplified rules for tax, the state pension and investment returns. Real returns vary from year to year and can be negative, inflation can be higher or lower than assumed, and tax rules, allowances and state pension rules can and do change. The Retirement Living Standards figures assume you own your home outright, so if you expect to rent in retirement you will likely need more. The value of investments can fall as well as rise and you may get back less than you put in. Before acting on anything here, consider speaking to a regulated financial adviser who can look at your full circumstances.