Pension Calculator: Forecast your retirement income
The Unbiased pension calculator estimates how much you might need to save into a private pension pot to get the income you’re aiming for in retirement in the UK.
Find out if you're saving enough and discover ways to boost your pension.
How should I use this pension calculator?
Use this pension calculator at any age to get an estimation of how much you can expect from your private pensions when you retire. Based on your current level and rate of savings, it will give you a ballpark figure of the annual income you could expect from your chosen retirement age if you use a drawdown scheme.
If you decide to include the state pension, this assumes you're entitled to the full amount. It's worth checking your state pension forecast to find out how much you are entitled to based on your national insurance record.
First, enter the basic details of your age, the age you want to retire, income, existing pension savings, tax-free cash and monthly contributions.
The results will show you how much your pension could be worth, your tax-free cash amount and your forecasted annual income in retirement.
Try adjusting factors such as your contribution levels, income level and retirement age, to see new calculations that include these changes.
You’ll discover a range of different ways you can improve your retirement income.
How does this pension calculator work?
Unbiased's pension income calculator forecasts your likely annual income from your private pensions based on how much you’re saving now.
We make a few assumptions, such as:
- Annual investment growth on your pension pot will be 5% (this is not guaranteed).
- Annual inflation is, on average, 2% (this could be higher or lower).
- You increase your pension contributions by 3% each year.
- You will have average life expectancy from the age of 65.
- You will access your pension using drawdown (there are other options you can explore).
- You will take a steady income in retirement (no larger lump sums than the 25% tax-free amount).
Please note this calculator does not account for income tax. You are entitled to take 25% of your pension pot tax-free, usually as a lump sum at the start. You can adjust the amount of tax-free cash you want to access in this calculator.
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