How to use Smart Pension’s retirement tools
Get a clearer picture of your future with the help of our handy retirement tools.
Our retirement needs calculator and life expectancy calculator are designed to give you a simple, personalised view of your future. By answering a few quick questions, you can explore what your retirement might look like, how much income you may need, and how long your savings might last for you.
Together, these tools help turn uncertainty into something more tangible – so you can start making informed decisions about your next steps, whether that’s saving more, reviewing your plans, or simply getting a better understanding of where you stand.
Understanding our retirement tools: Meet Fred
- Age: 53
- Status: Single
- Planned retirement age: 67
- Location: East Midlands
Fred recently received his annual pension statement. He had never paid much attention to his pension before but was glad he had one and that his employer was paying into it.
Like many people, Fred assumed pensions were something to think about later in life. But when he checked his statement, he realised his workplace pension might provide about £14,100 a year in retirement.
Fred worked out that he has 14 years until his planned retirement age of 67, which matches his State Pension age.
He is not sure how much income he will need in retirement, or how long his savings may need to last. But what he does know is that he would like more than £14,100 a year.
Using the retirement needs calculator
Fred wants to get a clearer idea of how much income he may need to live comfortably.
He uses the retirement needs calculator and selects a moderate standard of living. The result suggests he may need around £31,700 a year in retirement income.
Checking life expectancy
Fred is in good health and many people in his family have lived into their eighties.
He then uses the life expectancy calculator, which suggests an average life expectancy of 84 years. This gives Fred a better idea of how long his pension savings might need to last.
Review and start planning your retirement
After using the tools, Fred realised he needed to think more about his retirement plans. The calculator helped him understand what income might be needed for a comfortable lifestyle, so he decided he would prefer around £43,900 a year in retirement.
Like Fred, you can use Smart Pension’s retirement tools to discover more about your pension and your future.
- Check out the Smart Pension retirement needs calculator
- Try the Smart Pension life expectancy calculator
Other useful steps
You might also want to:
- Bring your pensions together
- Increase your pension contributions
- Check your State Pension forecast – GOV.UK
Use a budget planner | Free online budget planning tool | MoneyHelper
Good to know
This information is for guidance purposes only and is not financial advice. If you need financial advice you can locate a regulated financial adviser on the MoneyHelper website. Where we provide links to third-party websites we are not responsible for their content, so it's important for you to carry out your own independent research.
