Why knowing how long you could live is important
Your estimated life expectancy doesn’t just shape how much you need to save. It also influences how and when you choose to take your pension.
Depending on how long your retirement may last, you might consider:
- taking a lump sum now or later
- setting up regular withdrawals
- purchasing an annuity for guaranteed income
- keeping funds invested for flexibility
Understanding your life expectancy helps you make informed decisions about how to access your savings, balancing growth, income, and risk.
No two retirement journeys are the same, and Smart Pension gives you the flexibility to take your retirement savings however you want.
Start your retirement planning
Want to find out how long you’re likely to live for? Use our life expectancy calculator to get your answer.
While the calculator gives a general estimate and doesn’t reflect your personal lifestyle or health condition, it does provide a helpful starting point for understanding how much you should ideally save and how long your pension savings might need to last.
For example, if you plan to retire at 65 and your life expectancy is 85, your pension savings will need to support you through 20 years of retirement.
In this case, early planning for retirement, even if it’s a decade or more away, will give you more options and greater control over your financial journey.
Make confident decisions
Retirement is a journey that starts the moment you make your first contribution. It doesn’t come with a hard stop all the time, but knowing how long your pension may need to last can help you make confident choices about your future.
With tools like our life expectancy calculator and retirement needs calculator, you can discover how much you’ll need to live a comfortable retirement lifestyle.
A single, secure view of all your pension savings can also help you make clear, confident decisions about your future. By transferring your past pensions over to your Smart Pension account, you can see what your savings are looking like and decide how much to increase monthly contributions by.
Final thought
Planning for retirement doesn’t have to be overwhelming. By knowing your life expectancy, transferring other pension savings to us, and using our handy tools, you can take control of your financial journey and make choices that suit you.
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.
