Take control of your future with our pension calculator

Remove the guesswork about your retirement with our simple four step pension calculator to find out how much you could have in your pension pot and what you might need for your perfect retirement.

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How does Wealthify's pension calculator work

Step 1 - Your Details

Enter a few basic details to give us a timeframe to calculate.

Step 2 - Your Funding

Tell us about your pensions and how much you'd like to add in the future.

Step 3 - Your Options

See how small changes could impact the way your pension grows.

Step 4 - Your Target

Set your target retirement goal and see what you could to do to reach it.

Why use Wealthify's pension calculator?

Our calculator shows what your pension could pay either monthly or yearly, and if you're not sure how much you'll need, our target retirement income will help you figure that out too.

Want to retire earlier or put even more in your pension? Use the calculator to see how making small changes to your retirement age, contributions, or including pension transfers could have an impact on reaching your target goal.

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Learn more about our pension

Does this pension calculator account for inflation?

Yes. Inflation is a big factor when looking at your pension, as it’s typically quite a few years away, during which the price of things will continue to go up with inflation. 

At Wealthify, we always aim to offer inflation-beating returns even with our Cautious Plan, and we’ll continue to work on growing your Plan even when you’re drawing from your pension.

How is retirement income calculated?

Our calculator works out your retirement income based on the size of your pension and whether you’ll receive the State Pension, and divides this by the number of years you’ll likely be retired for.

For example, if your total pension value is £200,000 and you’ll aim to be retired for 20 years, then your retirement income would be £10,000 a year.

Am I eligible for State Pension?

That depends on your circumstances. In order to get the full basic State Pension, you’ll need a total of 30 qualifying years of national insurance contributions. There are a few ways that you’re able to be eligible:

  • By working and paying National Insurance
  • Receiving National Insurance Credits from unemployment, sickness or as a parent/carer
  • Paying voluntary National Insurance contributions

If you’re still not sure, then you can check with the Pension Service.

What is State Pension age?

When you’ll receive State Pension depends on your date of birth, but it’s worth noting that you can keep working after you reach this age. The new State Pension age ranges from 67 to 68, but this may change in the future.

For more details of what your State Pension age might be, please visit: https://www.gov.uk/state-pension-age

What age should I retire?

This is entirely up to you and will depend on your personal circumstances.

It may be worth considering when you’ll be able to get your pension – for example, with a personal pension, you can start drawing down from your pension when you’re 55. The State Pension, on the other hand, depends on when you are born and will be available when you turn 67 or 68.

If you’re not sure when you’ll be able to afford to retire, then it may be worth speaking with a financial advisor.

How much money will I need in retirement?

There are a lot of things that can impact how much money you’ll need for retirement. For example, will you still have a passive income, for example, from renting property? Are you planning on travelling elaborately or just enjoying some peace and quiet?

A general rule of thumb is to aim for a pension that pays out two thirds of their current salary each year. For example, if your salary is £30,000 a year then you may want to aim for a pension pot that pays out £20,000 each year.

How do you work out life expectancy?

Understanding how long you’ll live is quite tricky – and more than a little daunting. So that you don’t have to guess, we use the ONS Life Expectancy Calculator, which works out your life expectancy based on your current age and sex.

How will my living costs change in retirement?

It’s believed that your living costs in retirement are lower than they are now. But this assumes that you no longer have a mortgage to pay off and you won’t have commuting and other work-related costs. However, you may have increased medical or mobility costs, so this generalisation may not apply to everyone. If you’re unsure of how retirement will change your living costs, it may be worth talking to a financial advisor.

Safe & Secure

Managed

Your money, managed by our team of experienced and qualified investment experts.

Protected

Up to the first £85,000 of your money can be protected by the Financial Services Compensation Scheme (FSCS).

Safeguarded

Your money and assets are held separately with a custodian.

Help is on hand

Our customer service team are happy to help with any queries on 0800 802 1800 or on Live Chat.

Strength in depth

Wealthify is backed by Aviva, one of the UK’s largest financial services institutions which has looked after British consumers for more than 300 years.
We operate independently of Aviva, which means you get the best innovation in smart simple investing together with the security of knowing that we’re here to stay and operate to the highest standards.
Being part of the Aviva group of companies allows us to develop our business, but at an accelerated pace and with greater confidence.

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