How much your pension pot might be worth at retirement:
This pension calculator will show you how much your pension might grow by, based on how much you (and your employer) contribute until you reach retirement age.
We've made some assumptions on how much your pension will grow by each year, as well as the amount you lose to pension charges.
We've assumed your funds grow by 6% per year, and you pay annual charges of 0.75%. We've also factored in inflation, at 2% a year.
How much do I need to retire?
Most people qualify for at least some state pension, which is £185.15 a week in the 2022-23 tax year, for the full level of the new single-tier state pension.
But this isn't even enough to cover the essentials, so you'll need to supplement this with a private pension, either through your workplace or a personal pension through an insurance or investment company.
Our guide to How much will you need to retire can help you figure out how much you need.
How can I turn my pension savings into an income?
Under the 'pension freedom' rules, you have lots of flexibility in terms of how you can access the money saved into your pension. But there are four principle ways to do it.
- Buy an annuity - this sees you swapping you pension savings for a fixed income for life
- Use pension drawdown - this sees you keeping your savings invested and taking a flexible income, giving you greater potential for growth
- Take lump sums - withdraw chunks of your pension as and when you need them, with the first 25% tax-free, and the remainder subject to income tax
- Withdraw your entire pension - you can take the lot out in one go if you want to