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!
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