How much do I need to retire?
Most households will be entitled to the State Pension, but its unlikely to be enough to live off.
It's therefore important to understand how big your total retirement savings pot will need to be, to make up for any short falls. This pot could include any pensions, and investment accounts.
- The current new full State Pension will pay £23,004 each year (per couple). This more than covers the lowest yearly household spending of £12,678.
- For the middle yearly spending, you'll need an additional combined pot of around £89,000 per household.
- For the higher yearly spending, you'll need an additional combined pot of around £523,000 per household.
Curious about how much your pension might pay in retirement? Use this essential calculator to find out.
These figures assume a 4% withdrawal rate from your investments. They don't take into account tax.
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