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Initial Details

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

50
65

Select the additional functionality you require:

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65

Funding Your Retirement

Please indicate what forms of retirement provision you currently have:

You
Your Partner
Defined Contribution Pension
Defined Benefit 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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0

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

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55

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.

0
0

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

0
0

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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65

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

0
0
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Your Desired Retirement Income

The Retirement Living Standards website offers a practical framework to help you estimate the income needed for your desired lifestyle in retirement. If you are unsure of your income requirements, please select a prescribed standard of living below.

You can adjust your desired income using the slider below. The amount shown is in today's money terms, so you don't have to allow for inflation in deciding what you need. The calculator will automatically increase this in line with inflation up to your retirement age.

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0

Results

What You Can Afford
What You Need
Shortfall At Retirement

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

These results are based on the inputs you provided and a set of standard assumptions about fund growth (7%), inflation (3%) and charges (1%).

The next step is to visit the Dashboard page to get further insights.

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

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Assumptions

Here you can change the assumptions used in the calculations to see the effect on the results. They can also be altered in the Dashboard page (for larger screens). It is important to understand the sensitivity of the results to these assumptions.

The projection end age is the age at which the calculator will aim to use up all your funds in calculating an affordable income from retirement. You may wish to set this to a few years longer than the average life expectancy for your age and gender to ensure you don't run out of money.

95

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.

7%
1%

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.

7%
1%

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.

2.5%