How much does a couple need to retire?

Retirement cost calculator

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So, you’ve started talking about the “R word”, but there’s one big problem; you have no idea how much you are actually going to need to retire.

Planning for your retirement as a couple can feel confusing. The good news is that it doesn’t have to be. That’s why we’ve created our retirement cost calculator with pre-populated costs for popular activities and purchases. It will help you:

  • understand the rough numbers around your retirement based on your expenditure
  • use our simple calculations to help you budget accordingly
  • gain the confidence to make the right decisions for your future
  • have the opportunity to receive further, in-depth and tailored advice from our team of investment specialists

How our couples retirement cost calculator works

You want to enjoy the retirement of your dreams; we want to help you get there. 


We’ve taken the hard work out of retirement planning with our free calculator. It’s based on up-to-date industry figures and average retirement spending for couples - alongside our own research - to deliver straightforward calculations that will help you budget for your golden years.


Simply run through each step and tell us your financial and lifestyle commitments. We’ll cover the rest.

Why should you use this retirement calculator?


Control your financial future

It’s been suggested that two-thirds of couples aged over 40 don’t know how much they will have at retirement, with almost a quarter never having the discussion in the first place. This calculator will put the control back in your hands, kickstarting the process in an easy, empowering way.


Get excited about retirement

Our retirement calculator allows you to handpick all the activities you want to enjoy in retirement… It's designed to be a fun tool to help you gain an exciting picture of what your retirement could look like. Because we believe your retirement should be a cause for celebration.


Put a Plan B in place

Our calculator will 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 time to hit your goals, it gives you the prompt and opportunity to speak to a financial adviser and put a new plan in place.

Arrange a virtual coffee with a specialist

No hard sales. No obligations. Just an open, honest chat with a retirement specialist to help you understand your current position and hopes for the future.

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 much does a couple need to retire?

There's no definitive answer to this question. The truth is, the experts can’t agree on what constitutes a ‘good retirement income for couples’.

Estimates on a good pension vary between £10,200 and £42,000 per year, but none of these take into account your personal circumstances, lifestyle aspirations or the type of retirement you hope to enjoy together.


If you want to know how much you'll need as a couple to retire, then you can start by using our dedicated couples retirement calculator to start building a retirement budget, or you can speak to one of our retirement planning advisors for tailored retirement planning advice.

Average retirement income UK

The latest figures from the Office for National Statistics (ONS) said the average retired couple in the UK now spends almost £26,000 year. 

However, figures from the Pensions and Lifetime Savings Association (PSLA) whose members include more than 1300 pension schemes with 20 million members put the UK average retirement expenditure at £12,000 suggesting that average retirement income across the UK could actually be much lower than the ONS.

When it comes to saving for your retirement, it’s best to overestimate how much you’ll need when it comes to money, it’s always better to have more rather than less than you need. As you may not have the earning ability in later years to top up your income.

How much should a couple save for retirement?

How much you need to save as a couple for retirement depends on

  • How much you've already saved for retirement
  • Your desired income in retirement
  • What age you want to retire
  • What other assets you have to fund or partly fund your retirement
  • Whether you're both eligible for the full state pension

The good news for a couple is that there’s two you that can save towards retirement.

As a general guide, Which? estimate that a couple aiming for a comfortable retirement at state pension age will need around £169,175 in their pension pot and those wanting a luxury retirement will need about £456,500.

Pension saving at age 20, 30, 40 and 50 - investing for retirement

So a couple in their 50s with no pension savings will need to save around £647 a month to enjoy a comfortable retirement but those in their 40s would only need to save £384 between them to hit their target.

If you want a luxurious retirement a couple in their 50s with no pension savings would need to save £1,735 between them.

However if you're a couple in your 50s with £100,000 in pension savings already, you would need to £1,311 a month to hit the target.

How we worked out couple retirement costs

Our couples retirement 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:

Frequently Asked Questions

How much do I need to retire at 55?

The minimum recommended income in retirement is £9,609 a year so if you retire at 55 you'll need at least £105,699 to last until your state pension kicks in at 66.

But that's based on the current state pension age and some of us won't receive our state pension until we're 68.

It's also assumes you'll be comfortable living on the minimum amount recommended for retirement, but if you're hoping to enjoy a comfortable retirement experts estimate you'll need between £15,000 to £40,000 a year.

So you could need anywhere between £165,000 and £520,000 to retire at 55, and that only gets you to state retirement age.

You'll still need to budget to top up your state pension once you get to state pension age.

*all of these assumptions are based on you depleting your pension pot and don't allow for you to pass wealth on.


Read our Full article here: How much do I need to retire at 55

Can I retire at 55 with £300K

You could just about retire at 55 with £300k in the UK, as this might reasonably give you £9-12K income a year sticking to the recommended 3-4% a year safe withdrawal rate. However that barely covers minimum income standards in the UK, much less provides for a comfortable retirement.


If you are considering retirement at 55 with 300K in your pension pot there are 4 important questions worth asking yourself.

  1. How much money do you need each year?
  2. Do you have any other income?
  3. What are your retirement lifestyle goals?
  4. How long do you need 300K to last?

Read the full article here Can I retire at 55 with £300K

Can I Retire at 55 with £400k?

You can retire at 55 with £400k in the UK, as this might reasonably give you £12-16K income a year sticking to the recommended 3-4% a year safe withdrawal rate.

However that only just about covers minimum income standards in the UK for a single person and is less than the £18K a couple will need for a basic retirement according to industry estimates.

If you can live on 12K-£16K per year. Great. But if your income needs are greater you might struggle. For instance, if you plan to take 50K per year your pension pot will be gone in around 8 years. So you need to do your homework before you make a decision.

Read the full article

Can I Retire With 1 Million Pounds?

Retirement, like most things is subjective. What seems like a lot to one person is a mere drop in the ocean to someone else.

So Yes, you can retire with 1 million pounds in the UK, and it would reasonably give you an annual income of £30,000 to £40,000 providing you stick to the recommended safe withdrawal rate of 3 to 4%.

However, whether you want to retire on a million pounds will depend on your retirement aspirations.

Remember that if you're in a couple your combined retirement pot will need to provide for both of you. 

Want to learn more? Read the full article here: Can I retire with 1 million pounds

How much should I invest in my pension?

To decide how much you need to save in a pension you need to pinpoint what type of retirement you aspire to – whether that be a comfortable or luxurious one – and build your investment plan accordingly. And then the golden rule? Get started as early as possible.

In 2018, Fidelity released a valuable piece of research that caused waves across the industry. They stated that as a rule of thumb, people should aim to save at least 1 x their salary by the age of 30, 3x by 40, 6 x 50 and 8x by 60 so that they could land a 10x investment by the time they were 67.

Read the full article: How much should I invest in my pension (+at what age)


Fancy digging a little deeper on what you need to put in place for a comfortable retirement? Take a look at our free guide.

Download the definitive guide to comfortable retirement planning

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