When can I afford to retire?

Use our FREE online retirement age calculator to determine when you will be able to meet your retirement goals.

Enter your current retirement savings and the regular amount you’re saving into pensions. Have an idea of your retirement fund target and find out what age you can retire!

Retirement Age Calculator

  Original Size  

Planning to a target retirement age

Are the results scary?

If you need to increase your retirement savings, head to our Retirement Savings Calculator. Our retirement savings calculator helps you to work out how much you should be saving each month to meet your goals. If you don’t live in the UK, you will probably have non-UK pensions and other savings to consider.

UK residents can benefit from tax relief on pension savings. If you’re resident in the UK or planning on returning to the UK for retirement, consider making more UK pension contributions. Those with a UK-resident spouse can also plan family UK pension contributions. Even UK residents without taxable earnings can contribute to pensions and gain tax relief.

Changing retirement needs

When planning your retirement income needs, think about how your needs may change over time. Your target retirement age may not be achievable if you need a high income for the rest of your life. However, for most, the earlier years are the most important. Plan your retirement into age-sections.

For example, you may consider retiring at age 60, but expect to have a much more modest lifestyle by age 75. That means you should plan a higher income for 15 years of retirement, but then have lesser needs for your elder years. Plan carefully, and ensure you account for the effect of inflation.

Remember you might have additional retirement income sources

In retirement, income can be generated from your wealth portfolio. The art of a good retirement plan is generating a stream of income as tax efficiently as possible.

A retirement adviser won’t just focus upon UK pensions. They will also discuss other key areas of wealth to use in retirement, including:

  • Your UK State Pension entitlement, check your State Pension here.
  • Rental income
  • Your UK defined benefit or final salary pensions
  • Your long-term cash reserves
  • Potential inheritance or gift
  • Onshore and offshore investment bonds
  • Long-term UK and international savings plans
  • Independent Savings Accounts (ISAs)
  • Any other wealth earmarked for retirement such as endowments or other savings

Pension Transfer Personality Quiz

Take our free pension transfer personality quiz to find out if a pension transfer is right for you!

1 / 10

How would you describe your investment or financial planning experience?

2 / 10

Where will you live in retirement?

3 / 10

What sort of taxpayer will you be in retirement?

4 / 10

How would you describe your relationship with money and finances?

5 / 10

Are your essential outgoings already covered by other retirement income?

6 / 10

Will anyone else be reliant on your pension for their financial security?

7 / 10

When you retire, will you need to withdraw a lump sum?

8 / 10

Do you require ad-hoc access to your pension funds in retirement?

9 / 10

How would your ideal retirement income be structured?

10 / 10

If you died, who would you want to benefit from your pension money?

Only provide your details if you are happy for us to contact you about your planning

Click the flag below for your instant results!

Pension Knowledge Test

Test your knowledge with our quick quiz! Like learning? Restart the quiz to explore our question bank!

1 / 5

If you hold Fixed Protection 2016, what does this mean?

2 / 5

What does SIPP stand for?

3 / 5

What is the current UK minimum pension age?

4 / 5

What is the current UK pension Lifetime Allowance for 2020/21?

5 / 5

What is a mixed-asset investment fund?

Your score is