HOW MUCH DOES A COUPLE NEED TO RETIRE CALCULATOR
Retirement planning for couples doesn’t have to be complicated. Work out exactly how much your dream retirement is going to cost for you and your partner with this simple retirement calculator. All the hard work has been done for you using up-to-date industry figures and average retirement spending for couples along with our own research to provide you with simple calculations to help you budget for the kind of retirement you want.
This married couple retirement calculator offers you an estimate on what pension you might need based on your lifestyle and financial commitments. This calculator is not designed to replace professional advice, always talk to a qualified pension specialist before you make any pension decisions.
How Couples Can Use a Retirement Calculator
A survey by Prudential found that two-thirds of couples aged over 40 don’t know how much money they will have together at retirement and almost a quarter of couples admit they have never discussed how they plan to fund their retirement.
Our simple retirement calculator has been designed specifically for couples to help make your retirement planning easier. You can select the kinds of activities you want to enjoy in retirement either together or separately and get an estimated cost for your retirement plans.
The calculator is supposed to be a fun tool that you can use to start planning your retirement together as a couple.
How a Retirement Cost Calculator for Couples can help you
A 2018 survey in the UK revealed that half of those retiring this year are considering working past State Pension age with 47% blaming the cost of living on their decision.
Our calculator can help you understand how much you’ll need in retirement so that you can start planning. If you’re worried that you won’t have enough or you want to look at your options for early retirement, talk to a financial adviser, who can help you put a plan in place.
How much does a Couple need to Retire?
The industry experts can’t seem to agree on what is a good retirement income but what they can all agree on is that the UK State pension is not enough to provide it.
What’s the UK State Pension worth?
The State Pension is likely to provide a significant part of your retirement income as a couple. So it’s important to know how much state pension you are entitled to . If you haven’t built up enough National Insurance contributions then you may not receive the full amount. It’s important to know sooner rather than later so that you can plan accordingly and you might be able to top up your contributions.
If you’re in a couple and you both get the full UK State Pension, it will provide you with most of what you’ll need although not quite enough to meet the minimum income standard set out by the Joseph Rowntree Foundation set at £19,263 a year, but it still falls far below the £26,000 a year that consumer group Which estimate you’ll need for a comfortable retirement for a couple. And it’s even further from the £39,000 they say you’ll need for a luxury retirement.
Read more about minimum income standards, average retirement incomes and more in our Definitive guide to a comfortable retirement
How much Should a Couple Save for Retirement?
The good news for a couple is that there’s two you that can save towards retirement.
Which? estimate that a couple aiming for a comfortable retirement will need around £210,000 in their pension pot and those wanting a luxury retirement will need about £550,000
Don’t forget that pension tax relief will make up part of this. If you’re employed then employer contributions will also play a part and if you’re self-employed then your business can make pension contributions on your behalf.
HOW AN IFA CAN HELP YOU
An Independent Financial Adviser can help guide you through life’s major decisions in a number of areas
SIPPs, Flexible Drawdown (you might like our drawdown pension calculator), Tax-Free Lump Sum, let our experts talk you through your options at retirement and help you meet your goals
Wealth Management & Investments
Make your money work harder for you. Invest tax-efficiently and spread your risk effectively. Our investment experts can help you build a long-term investment plan.
Whether you’re consolidating for ease, preparing for retirement or trying to reach your financial goals through a Pension Transfer, we can help. We’re specialists in this field with over 15 years of expert experience, so you’ll be in safe hands.
This couple retirement calculator is provided for general information purposes only. It is a guide and does not reflect the actual amount that you will need in retirement.
Any information contained within this website should not be deemed to constitute financial advice, and should not be relied upon as the basis for a decision to enter into a transaction, or as the basis for any financial or investment decision. It is provided for general information and it is vital (and in most cases a regulatory requirement) that you contact a Financial Adviser for tailored professional advice in regard to pension and retirement planning.
- No individual or company should act upon such information without receiving appropriate professional advice after a thorough examination of their particular situation. We cannot accept responsibility for any loss as a result of acts or omissions taken in respect of any articles.
- If you are a member of a pension scheme with safeguarded benefits, it is likely it would be in your best interests to retain the safeguarded benefits.
- Make sure you understand all the risks before investing.
- The value of investments and the income they produce can fall as well as rise and you may not get back your original investment. Past performance is not a reliable indicator of future results.