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We’ve partnered with the Money Advice Service to bring you their State Pension Calculator. This handy retirement planning tool will help you estimate your retirement income based on your age, current savings and estimated State Pension Income
UK State Pension Calculator
The State Pension is likely to form a significant part of your retirement income. The full State pension is currently worth £185.15 per week. Whilst it might not be enough to provide a comfortable retirement income on its own, it’s a good starting point. This tool will set a target retirement income based on your current income and help you see whether you’re on track to meet your retirement target based on your current pension savings rate and your estimated state pension entitlement.
Pension calculator
Find out your likely retirement income
In a few easy steps, our pension calculator can give you an estimate of the income you'll get when you retire. This will include income from defined benefit and defined contribution schemes, plus either the basic State Pension or the new State Pension, depending on when you were born.
You'll also find out if your likely retirement income is less than you need to fund your desired lifestyle in retirement.
- Work out your State Pension age and State Pension income amount
- Choose your retirement age
- Calculate the target income you'd like in retirement
- Tell us about your pension pots, current contributions and any other sources of income
- Let us forecast your likely retirement income
- We'll identify any retirement shortfall and suggest ways to improve this.
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Target Retirement Income
There are a number of ways to work out how much you’ll need in retirement. This calculator works on the principle of Target Replacement Rate, which assumes that you will want to maintain a similar standard of living post-retirement as you enjoyed pre-retirement. Target Replacement Rate states that you’ll need anywhere between half to two-thirds of your current income to maintain a similar standard of living in retirement. Assuming that you’ll spend less on commuting and housing costs (on the basis that you will have paid off your mortgage) but you might spend a bit more on entertainment. Of course, if haven’t made plans to pay off your mortgage before you retire or you are renting, you’ll need to account for these costs.
Target replacement rate
How You Can Use Our State Pension Calculator
You can use our State Pension calculator to set a retirement income target and see whether you are on track to meet that with your current monthly savings. You can also see how much you could you in retirement income if you plan to retire before your State Pensionable Age.
You can also see how adjusting your retirement age might affect the size of your pension pot, since the longer you save, the more you will have in your pension.
You’ll also be able to see how both of these factors affect your likely income in retirement.
State Pension Forecast
You cannot rely on an estimate for your pension planning, it is important that you request a State Pension Forecast that is based on your national insurance contributions.
You’ll need a minimum of 10 qualifying years of National Insurance contributions to be able to claim any State Pension and you’ll need 35 years to claim the full amount. Check your National Insurance record online, as you may be able to top up your NI credits with voluntary contributions if you have any gaps. It’s important to know that only full years of contributions count.
Download our free expert guide to
Planning for your retirement
Discover everything you need to know about retirement planning in our expert guide
How an IFA can help you.
We don’t believe in generic advice or cookie cutter approaches. That’s why we put you, your family and your goals at the heart of our financial advice.
PENSION ADVICE
We deliver tailored, specialist advice on all types of pensions and are one of the few qualified pension transfer specialists in the industry.
We will advise you on everything from defining and reaching your financial goals, the finer details of taking tax free cash and how to plan your pension drawdown.
RETIREMENT PLANNING
We'll help you create a retirement plan designed to make sure you enjoy the kind of retirement you've always dreamed of.
We’re here to help you create a robust, risk-sensitive plan, alongside providing early retirement advice, legacy-planning guidance and steps for tax-efficient saving.
INVESTMENT ADVICE
Come to us for independent advice centred around your unique needs. Whether it's a lump sum investment or you're after a long-term investment strategy.
You will also gain access to our exclusive hybrid investment model offering you unparalleled access to the best investment brains in the business.
NOTE:
This retirement and investment 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.
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