Pension & FIRE Calculator
Project your pension growth, estimate your state pension, and calculate when you could reach financial independence. Includes tax-free lump sum and drawdown modelling.
Smart Tips
You may not reach your FIRE target by retirement
Your projected pot (in today's money) is £209,059, but your FIRE number is £750,000. Consider increasing contributions, reducing retirement expenses, or extending your working years.
MoneyHelper: How long will my pension pot last? (opens in new tab)Monthly income shortfall of £367
Your combined retirement income (pension drawdown + state pension) of £2,133/month falls short of your desired £2,500/month. Increasing contributions now can close this gap through compound growth.
You could take £108,746 tax-free
You can take 25% of your pension pot as a tax-free lump sum from age 55 (57 from 2028). The rest is taxed as income when you withdraw it.
GOV.UK: Pension tax rules (opens in new tab)Your pension gets tax relief from the government
Basic rate taxpayers get 20% tax relief automatically — a £100 contribution only costs you £80. Higher rate taxpayers can claim an additional 20% via self-assessment, making the effective cost just £60 per £100 contributed.
GOV.UK: Pension tax relief (opens in new tab)Frequently asked questions
- How much do I need in my pension to retire comfortably in the UK?
- A common rule of thumb is 25 times your desired annual income (the FIRE number based on the 4% withdrawal rule). For £30,000 per year you would need approximately £750,000. The actual amount depends on your state pension, other income, and planned retirement age.
- What is the full UK state pension for 2026-27?
- The full new State Pension for 2026-27 is £241.30 per week (£12,547.60 per year). You need 35 qualifying years of National Insurance contributions for the full amount, and at least 10 qualifying years to receive anything.
- What is FIRE and how do I calculate my FIRE number?
- FIRE (Financial Independence, Retire Early) means saving and investing aggressively to retire early. Your FIRE number is your desired annual income divided by your withdrawal rate — typically 4%. For £25,000 per year, your FIRE number is £625,000.