United States · https://decisionscalc.com/tools/uk-retirement-calculator/
Can I retire at 60? UK retirement calculator
Your pension pots, tax-free cash, drawdown, State Pension and savings, year by year to 95, with UK income tax worked out each year. See how long your money lasts, the years to bridge before your State Pension, and what retiring at 60, 62 or 65 changes.
Your money lasts to
84
Retiring at 60, spending £28,000 a year in today’s money.
- Pensions and savings at retirement
- £434,142
- Years to bridge before your State Pension
- 7
- Earliest age your money lasts to 95
- 63
- Spending a year that lasts to 95
- £24,600
- Tax in retirement (today’s money)
- £82,313
Your State Pension age is 67. From 60 you bridge 7 years from savings, tax-free cash and drawdown. Tax-free cash: £100,637. To last to 95, spend about £24,600 a year, or £3,400 less.
How each year of retirement is paid for
Income after tax from each source, against your spending (the line).
- State Pension
- Work (DB) pension
- Pay (still working)
- Pension drawdown
- Savings and tax-free cash
- Not covered
- Spending
Retire at 60, 62 or 65?
Same savings and spending; only your retirement age changes (and when you draw your pension). Tap one to use it.
Money left: savings and pensions
Year by year
Amounts in today’s money. Shaded rows: still working. Red rows: spending not covered.
| AgeYear | Pay | DB pension | State Pension | Drawdown | Tax and NI | Income after tax | Spending | From savings | Not covered | Savings left | Pensions left |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 552027 | £50,000 | £0 | £0 | £0 | £9,880 | £37,120 | – | £0 | – | £44,000 | £318,500 |
| 562028 | £50,245 | £0 | £0 | £0 | £9,957 | £37,273 | – | £0 | – | £47,216 | £331,331 |
| 572029 | £50,491 | £0 | £0 | £0 | £10,018 | £37,444 | – | £0 | – | £50,447 | £344,501 |
| 582030 | £50,739 | £0 | £0 | £0 | £10,144 | £37,550 | – | £0 | – | £53,694 | £358,018 |
| 592031 | £50,988 | £0 | £0 | £0 | £10,243 | £37,686 | – | £0 | – | £56,958 | £371,892 |
| 602032 | £0 | £0 | £0 | £0 | £0 | £0 | £28,000 | £28,000 | – | £120,387 | £285,755 |
| 612033 | £0 | £0 | £0 | £0 | £0 | £0 | £28,000 | £28,000 | – | £92,977 | £292,759 |
| 622034 | £0 | £0 | £0 | £0 | £0 | £0 | £28,000 | £28,000 | – | £65,433 | £299,935 |
| 632035 | £0 | £0 | £0 | £0 | £0 | £0 | £28,000 | £28,000 | – | £37,754 | £307,286 |
| 642036 | £0 | £0 | £0 | £0 | £0 | £0 | £28,000 | £28,000 | – | £9,939 | £314,817 |
| 652037 | £0 | £0 | £0 | £19,555 | £1,542 | £18,013 | £28,000 | £9,987 | – | £0 | £302,979 |
| 662038 | £0 | £0 | £0 | £32,039 | £4,039 | £28,000 | £28,000 | £0 | – | £0 | £278,366 |
| 672039 | £0 | £0 | £13,036 | £19,002 | £4,039 | £28,000 | £28,000 | £0 | – | £0 | £266,187 |
| 682040 | £0 | £0 | £13,036 | £19,002 | £4,039 | £28,000 | £28,000 | £0 | – | £0 | £253,708 |
| 692041 | £0 | £0 | £13,036 | £19,002 | £4,039 | £28,000 | £28,000 | £0 | – | £0 | £240,924 |
| 702042 | £0 | £0 | £13,036 | £19,002 | £4,039 | £28,000 | £28,000 | £0 | – | £0 | £227,827 |
| 712043 | £0 | £0 | £13,036 | £19,002 | £4,039 | £28,000 | £28,000 | £0 | – | £0 | £214,409 |
| 722044 | £0 | £0 | £13,036 | £19,002 | £4,039 | £28,000 | £28,000 | £0 | – | £0 | £200,661 |
| 732045 | £0 | £0 | £13,036 | £19,002 | £4,039 | £28,000 | £28,000 | £0 | – | £0 | £186,577 |
| 742046 | £0 | £0 | £13,036 | £19,002 | £4,039 | £28,000 | £28,000 | £0 | – | £0 | £172,148 |
| 752047 | £0 | £0 | £13,036 | £19,002 | £4,039 | £28,000 | £28,000 | £0 | – | £0 | £157,365 |
| 762048 | £0 | £0 | £13,036 | £19,002 | £4,039 | £28,000 | £28,000 | £0 | – | £0 | £142,219 |
| 772049 | £0 | £0 | £13,036 | £19,002 | £4,039 | £28,000 | £28,000 | £0 | – | £0 | £126,703 |
| 782050 | £0 | £0 | £13,036 | £19,002 | £4,039 | £28,000 | £28,000 | £0 | – | £0 | £110,806 |
| 792051 | £0 | £0 | £13,036 | £19,002 | £4,039 | £28,000 | £28,000 | £0 | – | £0 | £94,519 |
| 802052 | £0 | £0 | £13,036 | £19,002 | £4,039 | £28,000 | £28,000 | £0 | – | £0 | £77,834 |
| 812053 | £0 | £0 | £13,036 | £19,002 | £4,039 | £28,000 | £28,000 | £0 | – | £0 | £60,739 |
| 822054 | £0 | £0 | £13,036 | £19,002 | £4,039 | £28,000 | £28,000 | £0 | – | £0 | £43,225 |
| 832055 | £0 | £0 | £13,036 | £19,002 | £4,039 | £28,000 | £28,000 | £0 | – | £0 | £25,283 |
| 842056 | £0 | £0 | £13,036 | £19,002 | £4,039 | £28,000 | £28,000 | £0 | – | £0 | £6,900 |
| 852057 | £0 | £0 | £13,036 | £7,069 | £1,652 | £18,453 | £28,000 | £0 | £9,547 | £0 | £0 |
| 862058 | £0 | £0 | £13,036 | £0 | £238 | £12,798 | £28,000 | £0 | £15,202 | £0 | £0 |
| 872059 | £0 | £0 | £13,036 | £0 | £238 | £12,798 | £28,000 | £0 | £15,202 | £0 | £0 |
| 882060 | £0 | £0 | £13,036 | £0 | £238 | £12,798 | £28,000 | £0 | £15,202 | £0 | £0 |
| 892061 | £0 | £0 | £13,036 | £0 | £238 | £12,798 | £28,000 | £0 | £15,202 | £0 | £0 |
| 902062 | £0 | £0 | £13,036 | £0 | £238 | £12,798 | £28,000 | £0 | £15,202 | £0 | £0 |
| 912063 | £0 | £0 | £13,036 | £0 | £238 | £12,798 | £28,000 | £0 | £15,202 | £0 | £0 |
| 922064 | £0 | £0 | £13,036 | £0 | £238 | £12,798 | £28,000 | £0 | £15,202 | £0 | £0 |
| 932065 | £0 | £0 | £13,036 | £0 | £238 | £12,798 | £28,000 | £0 | £15,202 | £0 | £0 |
| 942066 | £0 | £0 | £13,036 | £0 | £238 | £12,798 | £28,000 | £0 | £15,202 | £0 | £0 |
| 952067 | £0 | £0 | £13,036 | £0 | £238 | £12,798 | £28,000 | £0 | £15,202 | £0 | £0 |
How the calculator works
- Until you retire your pay rises each year, you and your employer pay into your pension pot, and it grows. You save the amount you set each year.
- When you draw your pension (not before 55, or 57 from 6 April 2028) up to 25% comes out tax-free into savings, within the £268,275 Lump Sum Allowance. The rest stays invested in drawdown.
- Each year of retirement your spending is paid first from income after tax (State and work pensions), then from savings, then from extra drawdown, taking the income tax on it into account. What cannot be paid is shown as not covered.
- The State Pension starts at your State Pension age, from your date of birth (part of the first year when it has months), and rises with inflation.
- Tax is worked out for each of you every year: the personal allowance (reduced above £100,000), 20%, 40% and 45% or the Scottish bands, frozen to 2030-31. National Insurance on pay stops at State Pension age.
- Today’s money: amounts are in today’s pounds; the plan starts in the 2027-28 tax year.
The rules, and where each comes from
- Full new State Pension £241.30 a week (2026-27); 35 qualifying years for the full amount (more if you were contracted out). Source, read 9 November 2026.
- 10 qualifying years needed for any new State Pension. Source, read 9 November 2026.
- Budget 2026 (28 October 2026): the full new State Pension rises 3.9% to £13,036.40 a year (£250.70 a week) from April 2027; triple lock kept. Source, read 9 November 2026.
- State Pension age: 66 if born before 6 April 1960; 66 and 1 to 11 months for 6 April 1960 to 5 March 1961; 67 to 5 April 1977; 6 May 2044 to 6 March 2046 for 6 April 1977 to 5 April 1978; 68 after. Source, read 9 November 2026.
- Income tax 2026-27: personal allowance £12,570, reduced by £1 for every £2 over £100,000; 20% to £37,700 of taxable income, 40% to £125,140, 45% above. Source, read 9 November 2026.
- Finance Act 2026 s.10: the £12,570 allowance and £37,700 basic rate limit stay the same for 2027-28 to 2030-31. Source, read 9 November 2026.
- Scottish income tax 2026-27: 19% £12,571-£16,537, 20% to £29,526, 21% to £43,662, 42% to £75,000, 45% to £125,140, 48% above (income including the allowance). Source, read 9 November 2026.
- Employee Class 1 NI 2026-27: 8% from £12,570 to £50,270 a year, 2% above (thresholds stay the same to 2030-31). Source, read 9 November 2026.
- You stop paying Class 1 National Insurance when you reach State Pension age. Source, read 9 November 2026.
- Lump Sum Allowance £268,275; lump sum and death benefit allowance £1,073,100; annual allowance £60,000; money purchase annual allowance £10,000. Source, read 9 November 2026.
- You can usually take up to 25% of a pension pot tax-free, at most £268,275 in total; the rest is taxed as income. Source, read 9 November 2026.
- Normal minimum pension age rises from 55 to 57 on 6 April 2028 (Finance Act 2022 s.10; uniformed services schemes and protected pension ages excepted). Source, read 9 November 2026.
- Unused pension funds count for inheritance tax for deaths on or after 6 April 2027 (Finance Act 2026 Part 2). Source, read 9 November 2026.
- Pension Tax Allowance (Budget 2026, from 2027-28, not yet law): up to £94 a year for people over State Pension age; not included. Source, read 9 November 2026.
- Marriage Allowance: transfer £1,260 of allowance to a basic-rate spouse, saving up to £252 a year; not included. Source, read 9 November 2026.
- Pension withdrawals are taxed as income through PAYE. Source, read 9 November 2026.
- The State Pension rises each year if you live in the EEA (including Ireland), Switzerland or the USA, but is frozen in Canada, Australia and most other countries. Source, read 9 November 2026.
Not included: Marriage Allowance, the Pension Tax Allowance (not yet law), protected pension ages, annuities, tax on savings and dividends (enter growth after tax), the annual allowance, Pension Credit, State Pension deferral, inheritance tax and any changes after Budget 2026. Growth, inflation and spending are your assumptions; markets can fall. General information, not advice: for a decision about your pension, talk to a qualified financial adviser. By DecisionsCalc.
Frequently asked questions
Can I retire at 60 with £300k in the UK?
For the example here (born 1972, £300,000 in pensions, £40,000 saved, spending £28,000 a year after tax, full State Pension from 67) the money lasts to 84. The spending that lasts to 95 is about £24,600 a year. With £500,000 it lasts past 95. Change the figures above for yours: the answer depends most on what you spend and on the 7 years before your State Pension starts.
What is the earliest I can retire in the UK?
The earliest age at which your pensions and savings last to 95 on your spending: 63 for the example plan. Private pensions can be drawn from 55, rising to 57 on 6 April 2028 (unless you have a protected pension age), and the State Pension starts at 66, 67 or 68 depending on your date of birth.
When can I take my private pension?
From the normal minimum pension age: 55 until 5 April 2028, then 57 (Finance Act 2022). Someone born in 1972 who retires at 55 in 2027 can draw at 55; someone who reaches 55 after 5 April 2028 waits until 57. The calculator holds your pot back until you are allowed to draw it.
How much of my pension can I take tax-free?
Up to 25% of each pot, but no more than £268,275 over your lifetime (the Lump Sum Allowance). The rest is taxed as income when you draw it. The calculator puts the tax-free cash into savings at your draw age and draws the rest as you need it, taxed with your other income.
What is my State Pension age?
66 if you were born before 6 April 1960; 66 and 1 to 11 months if born from 6 April 1960 to 5 March 1961; 67 if born from 6 March 1961 to 5 April 1977; between 67 and 68 if born from 6 April 1977 to 5 April 1978; and 68 after that. For example, born June 1972: 67. Enter your year and month of birth and the calculator uses the right age.
How much is the State Pension?
The full new State Pension is £241.30 a week in 2026-27 and rises 3.9% to £250.70 a week (£13,036.40 a year) from April 2027 (Budget 2026). You need 35 qualifying years for the full amount and 10 for any. Check your forecast on gov.uk and enter it.
Is the State Pension taxed?
Yes, as income, but it is paid without tax taken off. From April 2027 the full new State Pension (£13,036.40) is more than the frozen £12,570 personal allowance, so someone with only the State Pension would owe a little tax; the Budget 2026 Pension Tax Allowance (up to £94 a year) is meant to cancel that, but it is not law yet and not included here.
Are income tax thresholds frozen?
Yes: the £12,570 personal allowance and £37,700 basic rate band stay the same to 2030-31 (Finance Act 2026 s.10). The calculator keeps them frozen until then and raises them with inflation afterwards (untick the box to keep them frozen). National Insurance thresholds are frozen too.
Do pensions count for inheritance tax?
From 6 April 2027 most unused pension funds count towards your estate for inheritance tax. The calculator does not model your estate, but the year-by-year table shows what is left in your pensions each year.
I live abroad. Does my UK State Pension still rise?
Only if you live in the EEA (including Ireland), Switzerland, the USA or another country on gov.uk’s list. In Canada, Australia and most other countries it is frozen at the rate when you first claim. Our Canada and Australia calculators model a frozen UK State Pension; the Irish one models it rising.
Related
- UK pension drawdown: is my pot enough? (tax-free cash methods, bad-market test)
- Pension top-ups (AVCs and SIPPs): what they really cost after tax relief
- State Pension by country: ages and amounts compared
- UK voluntary NI from abroad: fill gaps in your State Pension record
- Ireland retirement calculator (with a UK State Pension)
- Canada retirement calculator
- Australia retirement calculator
- FIRE calculator
Compare two scenarios
Snapshot your current numbers, change any input, then snapshot again to see the difference side by side.
No scenarios saved yet — enter your numbers above, then click Save as A.
| Metric | Scenario A | Scenario B | Difference |
|---|
Get an email when UK rules change
Tax bands, allowances and benefit rates change every year. We email you when a rule our UK calculators use changes, usually a few times a year. Confirm by email; unsubscribe in one click.
Was this page useful?
Thank you.