FCA Regulated PFS Specialist Accreditations

Knowing how much you will need as a married or retired couple in retirement can be confusing. Our simple “How much do I need to retire calculator” can offer some very rough numbers on how much your retirement will cost based on the expenditure you will need to budget for. Our specialist retirement planning team can also provide in-depth analysis and expert advice tailored to you. We’re here to help every step of the way. So you can be confident you’ll make the right choice for your future.


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.

good retirement income estimates

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.

The new full state pension is £168.60 a week. The age that you will be able to claim it depends on when you were born.

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.

minimum income standard JRF

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

how much do i need to save for retirement

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.

Download our Definitive Guide to Comfortable Retirement today for more information about how much you’ll need to retire and some simple calculations you can use to start your retirement planning.

Get the Guide
Comfortable Retirement Guide link

Working out how much your retirement will cost – our assumptions

This calculator is designed to be used a general guide, it can be a useful tool for retirement planning but it’s not designed to replace professional, tailored advice.  We used part research, part average figures to work out these costs details of which can be found here:

Basic Retirement Costs

We’ve used the Joseph Rowntree Foundation’s Minimum Income Standard to set our basic retirement costs. This figure is for a pensioner couple and was updated in 2018. Basic retirement costs cover the minimum amount that is needed to have an acceptable living standard. The figure is set by focus groups that represent the general public within defined demographic brackets.

The figures allow £8236.28 per year for Housing and household goods – this includes council tax and utilities as well as rent or mortgage interest payments. If you have paid off your mortgage you may find that this figure is too high – remember these figures are based on averages and this calculator is designed as a guide.

See full list of assumptions here….

Need help getting your retirement plans on track? Arrange your free introductory call with an Independent Financial Adviser today. Call us now to schedule 02380 981161

What if I don’t have an up to date pension statement?

We’ve included the option to deduct the Full State Pension amount from your retirement budget, so you can see how much extra you’ll need to save for retirement.

Please note, not everyone will be eligible for the Full State pension. To qualify for the full amount, you’ll need 35 qualifying years of national insurance contributions. To get anything at all you need a minimum of 10 years NI contributions and the amount you’ll receive will be pro-rated.

Find out how much State Pension you’re entitled to

It’s free and easy to get a State Pension estimate. Simply use the free government website to get an accurate State Pension forecast 

You might also be able to top up your National Insurance contributions. The government only count full years of NI contributions so it’s worth checking whether you have any incomplete years that could be topped up to count towards your State Pension entitlement. You can usually make voluntary NI contributions for the last 6 years, although you may be able to go further back than that depending on your age.

What will your Private Pension be worth?

  • Request a pension estimate from your Pension company
  • If you have multiple pension pots you will need to request pension estimates for all of them
  • Find an old or lost pension here
  • Talk to a financial adviser about ways to maximise your pension pot before and after you retire.

About Simon Garber Dip PFS

Our Founder and Director Simon Garber is a Pension Transfer Specialist with over 15 years of experience.

Simon personally oversees all Pension Transfer and investment work, so you’ll have the benefit of his expertise throughout your journey.

Simon Garber Dip PFS Pension transfer specialist


An Independent Financial Adviser can help guide you through life’s major decisions in a number of areas

Retirement Planning

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.

Pension Transfer

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.


Download our Definitive Guide to Comfortable Retirement today for more information about how much you’ll need to retire and some simple calculations you can use to start your retirement planning.

Get the Guide
Comfortable Retirement Guide link

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.

Need help getting your retirement plans on track? Arrange your free introductory call with an Independent Financial Adviser today. Call us now to schedule 02380 981161

You might also like…

What's a good retirement income- blog



It should only take a few seconds to send us your details and arrange your free consultation. 

Join the hundreds of happy 2020 Financial customers looking forward to their dream retirement.