"How much do I need to retire?" is the question everyone wants a single number for, and the honest answer is that it depends — on the lifestyle you want, when you stop working, and what other income you'll have. But there are sensible ways to think about it that beat having no estimate at all.
Start from the income you'll want, not a magic pot size
Rather than fixating on a total pot, it's often more useful to work backwards from the annual income you'd want in retirement. Independent bodies publish illustrative "retirement living standards" describing what different lifestyles might cost per year — a useful reality check, though they're general figures, not a personalised target. From a target income, you can work back toward roughly what pot might support it.
Don't forget the State Pension
Your State Pension forms a foundation that your private and workplace pensions build on top of. When working out how much you need from your own savings, subtracting the State Pension you're on track to receive gives a more realistic figure for the gap your pots need to fill. Check your forecast on gov.uk.
The levers you control
Three things move the outcome most: how much you contribute, how long the money has to grow, and when you retire. Contributing a little more, starting a little earlier, or working slightly longer can each have an outsized effect thanks to compounding. Our retirement projector lets you experiment with these.
Why a single number is the wrong goal
Retirement isn't a finish line with one correct figure — it's a range that shifts with your choices and circumstances. The most useful thing you can do isn't to find the perfect number; it's to get a rough estimate now, check you're broadly on track, and adjust contributions as life changes. A rough plan you revisit beats a precise one you never make.