Pension calculator
How much should I save for retirement?
Unsure how much you should be saving for life after work? Our handy retirement calculator uses a few details to figure out how much you need to save and how much money you could have for retirement. Make sure to come back to review your progress and make any adjustments needed to get you on track for the retirement you want.
Get started
Adjust the settings so we can understand where in your savings journey you are, then we can calculate how much you need to save for retirement.
Tip: A suggested target retirement income of two-thirds of your working salary could be enough for retirement depending on your desired lifestyle.
Research by the Pensions UK suggests the following guidelines, although these are likely to increase over time. Please note the figures shown are after tax. Refer to PLSA guidance for the suggested pre-tax income to meet these targets.
| Retirement Lifestyle | Single | Couple |
|---|---|---|
| Minimum | £13,400 | £21,600 |
| Moderate | £31,700 | £43,900 |
| Comfortable | £43,900 | £60,600 |
If you include the State Pension in your projections, we’ll assume you are eligible for the full State Pension amount of £12,005 per year. This will be included in your projections as an income you’ll be able to collect from age 67. Learn about the State Pension.
Your results
The interactive graph shows how your target and projected pots may progress each year.
With your current savings, you could receive
£18,000 per year until age 92.
To reach your target of £20,000 you’d need to deposit £163 per month into a pension.
Get there faster with a Moneybox Pension
It's important you know
Capital at risk. All investing should be for the longer term. The value of your investments can go up and down, and you may get back less than you invest. Tax treatment depends on individual circumstances and may be subject to change in the future.
A 25% government penalty applies if you withdraw money from a Lifetime ISA for any reason other than buying your first home (up to £450,000) or for retirement, and you may get back less than you paid into your Lifetime ISA.
Your home may be repossessed if you do not keep up repayments on your mortgage.
Payments you make into your pension won’t be accessible until the minimum pension age (currently 55, increasing to age 57 from 2028). Tax treatment depends on individual circumstances and may be subject to change in the future.
For Business Saver: T&Cs apply. Max one withdrawal per day.