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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 below.

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

What You Need

This is the income you require to cover all of your expected expenses and spending in retirement. You need to choose one of the three standards of living to aim for in retirement defined by the widely recognised Retirement Living Standards>.

What You Can Afford

This is the tricky bit - calculating the income you can afford throughout retirement without your funds running out. You will be asked to input the current value of your pension fund along with anything else that will be part of your retirement income.

Please select additional functionality as required:

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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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Premium members can fine-tune this figure to meet your personal circumstances using the Retirement Budget Calculator. This specifies your expected retirement expenses at category level, using the same categories as the retirement living standards research.

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What You Can Afford

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 current value of your pension fund to the nearest £250. If you have multiple funds, please provide a combined value.

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Premium members have access to the Early Retirement Calculator in the Assumptions section below. 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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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.

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Results

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To investigate the effect of different growth scenarios and fund charges on your results, visit the Analysis page. You can also see charts of the breakdown of your income and the progression of your funds. 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 Analysis 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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Find out what the average life expectancy is for someone of your age and gender using the calculator proivded by the Office of National Statistics.

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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