How much should I have in my pension?

The amount of money you need to retire on depends on various factors such as your desired lifestyle, expected retirement age, life expectancy, and any existing savings or investments you have. The Pensions and Lifetime Savings Association’s Retirement Living Standards suggests how much a single individual or a couple needs to maintain a minimum, moderate or comfortable standard of living. You can also find some really useful tools on the MoneyHelper website that can help you understand how much you may need or how much you’ll receive in retirement.

If you’re looking for some more advice about your pension, we suggest speaking to a financial advisor, who can help you make the right decision for your situation.

You can find regulated and impartial advisers through the MoneyHelper website. Or, if you’re over 50 you can get free and impartial guidance through Pension Wise.