There’s no single answer to how much money you’ll need when you retire. It depends on a few factors, such as:

Your living standards in retirement

You may have a vision of how you want to live or travel in retirement? Or perhaps you just want to maintain your existing lifestyle and standard of living? Industry guidance, such as the Retirement Living Standards, can help you estimate how much you might need by suggesting different income levels depending on the lifestyle you want in retirement. Why not see how much you might need in retirement with our calculator?

The age you are when you retire and start to access your pension, as well as your life expectancy, impact how often you need an income over your retirement years. You can see more details on life expectancy using our calculator.

Because everyone’s situation is different, the best way to estimate how much you may need is to look at your own savings and expected retirement income. In the UK, many people use a combination of their State Pension and workplace pension savings to provide an income in retirement.

It's also difficult to predict exactly how much your pension savings may be worth when you retire. A few key factors can influence how your savings grow over time, including:

You can use the pension calculator in your Smart Pension account to get a clearer picture of how much income you could have in retirement. This gives you a better idea of whether you’re on track for the lifestyle you want in retirement.

The calculator helps you:

The tool works in three key ways. It helps you understand your retirement outlook, plan for the future, and see the bigger picture by bringing your pension savings together.

Read our helpful article to learn where to find the calculator in your account and how to use it.

If you're wondering how to increase your pension or save more for retirement, there are a few simple steps you can take. From combining old pension pots to reviewing your contributions, these actions can help you stay on track for the retirement lifestyle you want.

Transferring your past pension pots to your Smart Pension account can help you keep track of your pension savings in one single, secure place, with fewer charges and less admin. Bringing your pots together can help you see if you’re on track to achieve your ideal retirement lifestyle. Read more.

Making regular contributions to your pension savings throughout your working life can help your pension grow. Check your current contribution level in your account to see if it still works for you.

You can top up your pension by adding money whenever it suits you. It’s quick and easy to do in your Smart Pension account.

Remember, pension contributions usually receive tax relief from the government, which can help boost your savings for retirement.