Will your pension actually be enough?
Most pension calculators flatter you: they quote future cash (worth far less than today's), ignore tax on the way out, and skip the years before your state pension starts. This one shows your income in today's money, after tax, against the official Retirement Living Standards — and tells you exactly what closing any gap costs per month.
In today's money, after tax, including the state pension from 67 · pot at 67: £335,628
£9,408 a year short of the £32,700 target
| Drawdown from your pot · 4% of £335,628 | £13,425 |
|---|---|
| State pension · from age 67 | £12,548 |
| Gross income | £25,973 |
| Income tax · no NI on pension income | −£2,681 |
| Net income, today's money | £23,292 |
- About £457 more a month would close the gapYou're projected to be £9,408 a year short of this standard. Adding roughly £457 a month (including any employer match and tax relief) from now until 67 would get you there — and the earlier you start, the cheaper it is.
- Your forecast assumes the full state pensionThat's £12,548 a year from age 67, which needs 35 qualifying NI years — it alone covers 90% of the minimum living standard. Check your NI record on GOV.UK; buying missing years is often the best-value pension top-up available.
- Squeeze the free money firstBefore increasing personal contributions, check whether your employer will match more — a 100% instant return. Contributions also get tax relief at your marginal rate, so £100 into the pension costs a basic-rate taxpayer £80 and a higher-rate taxpayer £60.
- Everything here is in today's moneyGrowth of 3.0% is after inflation, so the incomes shown buy what they'd buy today. Calculators quoting bigger numbers are usually showing future cash that will be worth much less.
A projection on stated assumptions, not a guarantee and not financial advice. Investments can fall as well as rise; your state pension entitlement may differ.
How this calculator works
Your pot is projected with monthly compounding at your chosen growth rate after inflation, so everything reads in today's money. At retirement the pot pays your chosen withdrawal rate, plus the full new state pension (£241.30/week) from age 67 if included. Income is then taxed using 2026/27 income tax bands — pension income pays no National Insurance — and compared against the Pensions UK (PLSA) Retirement Living Standards, which are after-tax spending figures. Assumptions and sources are on the How we calculate page.