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Retirement planner tool

Use our retirement planning tool to experiment with the income you could achieve in retirement.

Our retirement planning tool helps you experiment with the income you could achieve in retirement depending on a range of factors including:

  • how much you save and for how many years
  • how you choose to take your money

For more ideas on how to save for retirement, our financial planning hub has tips on how much you should pay into your pension and how inflation can affect your pension savings. If you're approaching retirement and thinking about the best way to access your savings, visit our retirement hub to learn about your retirement income options like annuities and drawdown.

Use the retirement planner

We encourage you to use the retirement planner at least once a year to monitor the progress of your savings. This way, you'll know if you're on track to achieve the lifestyle you're hoping for in your later years or if you need to make some adjustments to help secure your future.

Have you thought about your lifestyle in retirement?

The Pensions and Lifetime Savings Association (PLSA) have created the Retirement Living Standards to give you practical guidance on what kind of income you'll need to fund the lifestyle you want in retirement. It ranges from life's essentials to having some financial flexibility, to a more comfortable retirement.

  • A 'minimum' retirement income is £14,400 for a single person and £22,400 for a couple
  • A 'moderate' retirement income is £31,300 for a single person and £43,100 for a couple
  • A 'comfortable' retirement income is £43,100 for a single person and £59,000 for a couple

These recommendations are for someone living outside out of London, and don't include living expenses like your rent or mortgage.

Key points

  • The new State Pension for 2024/25 is £11,502.40 per year.
  • The Retirement Living Standards recommends £31,300 per year for a moderate retirement.
  • Our retirement planner shows you how much income you could have in retirement based on the value of your pension pot, and how a few changes now could help you meet your retirement goals.

Next steps

  • Visit the Retirement Living Standards website to learn more about how much you'll need to fund the retirement lifestyle you're hoping for.
  • If you're over 50, book an appointment with Pension Wise for free, impartial guidance.
  • If you think you might need financial advice but don't have an adviser, visit Unbiased to find one near you.