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Initial Details

On this page you will find out the earliest age (in years and months) at which you can afford to retire. If you know the value of your pension fund and other savings, the process will take just a couple of minutes to complete. To begin with, please provide your current age.

55
50

There are just two sections to complete below that reflect the two sides of the retirement planning equation:

What You Need. This looks at what your cost of living might be in retirement.

What You Can Afford. This looks at what provisions you currently have in place (e.g. pension fund and ISA) for retirement, along with planned future contributions. This is used to calculate the level of income you could afford in retirement.

Before you scroll down, please select additional functionality as required:

What You Need

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:

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0

Subscribe to Premium to fine-tune this figure to meet your personal circumstances using the Retirement Budget Calculator. This specifies expected retirement expenses using the same categories as the Retirement Living Standards Research.

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What You Can Afford

The retirement income you can afford depends on the future value of your pension fund and any other forms of retirement provision. Please indicate what forms of retirement provision you currently have and enter the details below.

You
Your Partner
Pension Fund(s)
Defined Benefit Pension
ISA

Please provide the current value of your pension fund. If you have multiple funds, please provide a combined value.

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0

If you have a final salary or career average pension please enter the annual pension you are entitled to start receiving at your scheme's Normal Pension Age. If you are an active member still accruing benefits, provide the projected benefits figure here.

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£

If you will receive a tax free lump sum, add the amount of it that you intend to invest for retirement income below.

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Premium members have access to the Early Retirement Calculator on the Analysis Page. This enables you to experiment with taking your Defined Benefit pension at an earlier age than the NPA. You can enter the specfic early retirement factors that apply to your pension scheme.

Please enter your current ISA balance and level of contributions.

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0

The amount of your State Pension below assumes you will be entitled to the full amount. If this might not be the case due to gaps in your national insurance record, find out what your actual entitlement is at www.gov.uk and then update the value below.

If you are already retired, below State Pension age, and do not expect a full State Pension, consider whether purchasing missing National Insurance years could improve your entitlement using the NI Top-Up Contribution Calculator.

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Results

years months

Assumptions

Insights

For insights into your retirement plan with this affordable retirement age, click the button below to go to the Analysis Page. There you can see charts of your projected fund value over time, a breakdown of your income and the profile of your charges. You can try with different contribution levels to see what happens to your affordable retirement age. You can also change the projection assumptions. All included for free.

If you find Calculate My Pension helpful, please pass it on to help others...

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