Find out whether your savings are on track for the income you want in retirement, and how much more to save each month if they aren’t.
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How it works
- It grows your savings and monthly contributions until retirement, using growth after inflation, so the answer is in today’s money.
- It works out the pot you’d need to take your target income using a withdrawal rate (4% is a common rule of thumb).
- It shows the gap and the monthly saving needed to close it.
Example
| Value | |
|---|---|
| Age now / retire at | 35 / 67 |
| Savings so far | £40,000 |
| Saving each month | £400 |
| Growth / inflation | 5% / 2.5% |
| Projected pot (today’s money) | About £318,000 |
| Pot needed for £25,000 a year at 4% | £625,000 |
How much do I need?
Many people aim for two-thirds of their pre-retirement income, but your needs depend on housing costs, health and lifestyle. In the UK the full new State Pension adds a guaranteed income from State Pension age, so enter the extra income you want on top of it.
Investments can fall as well as rise. For personal advice, speak to a regulated financial adviser; in the UK, Pension Wise offers free guidance if you’re 50 or over.
Frequently asked questions
How much should I save for retirement?
A common guide is to save about half your age as a percentage of pay when you start, for example 15% if you start at 30, including employer contributions.
What is the 4% rule?
A rule of thumb that withdrawing 4% of your pot in the first year, then adjusting for inflation, should last about 30 years. It isn’t guaranteed.
Why is the result in today's money?
Inflation reduces what money buys, so showing today’s money makes it easier to compare with your current costs.
Does this include the State Pension?
No. Enter the income you want on top of any State Pension.
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