How Much Should I Have in My Pension by Age?
It's the question almost everyone asks at some point: am I saving enough? There's no single magic number, but there are useful rules of thumb and realistic targets that can tell you whether you're broadly on track.
The honest answer: it depends
How much you "should" have depends on the lifestyle you want in retirement, when you plan to stop working, and what other income you'll have. Someone who wants to travel extensively needs more than someone happy with a quieter retirement. So treat any target as a guide, not gospel.
That said, two well-known rules of thumb give you a sensible starting point.
Rule of thumb 1: the "half your age" contribution rule
A popular guideline says: take the age you started saving into a pension, halve it, and pay that percentage of your salary in every year (including your employer's contribution).
So if you started at age 30, you'd aim to put in 15% of your salary each year. Start at 24, and it's 12%. It's rough, but it captures an important truth — the later you start, the more you need to put in to catch up.
Rule of thumb 2: pension pot as a multiple of salary
Another widely used approach, popularised by retirement research, suggests aiming for your pension pot to be a certain multiple of your salary at each age. A commonly cited version looks like this:
| Age | Target pot (× salary) | On a £35,000 salary |
|---|---|---|
| 30 | 1× salary | £35,000 |
| 40 | 3× salary | £105,000 |
| 50 | 5× salary | £175,000 |
| 60 | 7× salary | £245,000 |
| 67 | 10× salary | £350,000 |
These are stretching targets, and plenty of people are behind them — so don't panic if you're under. The point isn't to hit them exactly; it's to give you a yardstick. If you're roughly in the right ballpark, you're doing well. If you're a long way off, it's a useful nudge to act.
Don't forget the State Pension
These targets are for your private or workplace pension. On top, most people also receive the State Pension — currently around £11,500 a year with a full National Insurance record. That's a meaningful chunk of retirement income that sits alongside your own pot.
What kind of retirement will these give you?
The Pensions and Lifetime Savings Association publishes useful "retirement living standards" — rough annual income figures for a minimum, moderate, and comfortable retirement. As a guide, a single person typically needs somewhere in the region of £14,000 a year for a minimum lifestyle, around £31,000 for a moderate one, and £43,000+ for a comfortable one (these figures move with inflation).
Your private pension and State Pension combined need to cover whichever standard you're aiming for. Working backwards from the income you want is often more useful than chasing a pot size in isolation.
Are you on track?
Pop your age, salary, and current pot into our free calculator and see your projected retirement pot and income in seconds.
Check now →If you're behind, what helps most?
- Increase your contributions, even slightly. Because of compound growth, money paid in earlier has far longer to grow. A 1% increase in your twenties or thirties can add a surprising amount by retirement.
- Grab every bit of employer match. If your employer pays in more when you do, not taking the full match is leaving free money on the table.
- Find old pensions. Many people have lost track of pots from previous jobs. Tracking them down can boost your total considerably.
- Time is your biggest asset. The single most powerful factor is starting early and staying consistent — far more than trying to pick clever investments.
The bottom line
There's no universal "right" number, but the rules of thumb above give you a realistic benchmark to measure against. The most useful thing you can do is check where you actually stand — and then, if there's a gap, act on it sooner rather than later. Time in the market is the one advantage you can't get back.
This article is for general information only and does not constitute financial advice. The targets shown are rules of thumb, not recommendations, and everyone's circumstances differ. Figures correct as of June 2026 and may change. For advice tailored to you, speak to a financial adviser regulated by the Financial Conduct Authority (FCA), or get free guidance from MoneyHelper.