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Initial Details

Use the sliders to enter your current age and the age at which you are aiming to retire.

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Select the additional functionality you require:

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Funding Your Retirement

Please indicate what forms of retirement provision you currently have:

You
Your Partner
Pension Fund(s)
Final Salary Pension
ISA
Other Income

Please provide the fund value and future monthly contributions to your pension. If you have multiple funds, please provide a combined value.

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Premium members have access to the Early Retirement Calculator at the bottom of this page. This enables you to experiment with taking your pension early. You can even enter the specfic early retirement factors that apply to your pension scheme.

This calculator will assume you are using a Stocks & Shares ISA to fund your retirement. If you are using a Cash ISA, please tick this box.

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Please enter details of your partner's pension fund. Future fund growth and fund charge parameters are set to be the same as for your own pension.

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If your partner has a guaranteed pension payable from a certain age, add details here. The annual pension entered should be the amount that your partner will be entitled to start receiving at their scheme's normal retirement age.

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If your partner has a Cash ISA, please tick this box:

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Your Desired Retirement Income

How much income do you need in retirement? The widely recognised Retirement Living Standards website helps answer this difficult question by defining three standards of living and quantifying the level of income you would require for each one.

Select a standard of living to aim for in retirement:

The amount shown is in today's money terms, so you don't have to allow for inflation in deciding what you need. It is also after tax.

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You can fine-tune this income requirement using the Budget Calculator which specifies your expected retirement expenses at category level, using the same categories as the retirement living standards research.

Go To Budget Calculator

Results

Disclaimer: These results are for information purposes only and do not constitute financial advice.

What You Can Afford: (a)

This can be compared to your desired retirement income (i.e. what you need) that you selected above and a shortfall or surplus calculated:

What You Need: (b)
Shortfall At Retirement

See what your results look like with the three growth scenarios used in your annual pension statement. Select a growth scenario below:

Tick the boxes below to adjust the results to your preference.

The next step is to visit the Dashboard page to get further insights. Please first login or register for free to gain access.

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Assumptions

A premium subscription is required to change the assumptions used in the calculations, apart from the projection end age which you can change for free. They can also be altered in the Dashboard page (for larger screens).

The projection end age is the age at which all your funds will be used up in calculating an affordable income from retirement. The Financial Conduct Authority (FCA) specifies that a projection end age of 99 should be used for drawdown pension projections. You can change the value below to suit your personal circumstances.

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Use the life expectancy calculator below from the Office of National Statistics (ONS) to discover the average life expectancy based on you age and gender. Scroll down inside the window for more details.

It's important to use realistic growth assumptions that align with your investment strategy and risk tolerance. Consult the Learn page for guidance on suitable assumptions. Or use the default values provided which reflect a balanced pension portfolio.

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The default assumptions for an ISA are more conservative than a pension fund. However, if your are using ISAs as a dedicated retirement provision and invested in similar assets, it would be appropriate to align your ISA assumptions with your pension assumptions.

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A reasonable assumption for long-term inflation in the UK is typically around 2-3% per year. This range reflects historical averages and aligns with the Bank of England’s target rate of 2%.

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