How Much Do You Need to Retire at 55 in the UK?

If you’re aiming to retire at 55 but have no idea what size pension pot you actually need, you’re not alone. Most people see money going into their pension each month, but don’t really know what it’s building towards or whether it’s enough.

In this video, I walk you through a simple, step-by-step way to work out:

What your lifestyle at 55 is likely to cost (minimum, moderate and comfortable levels of retirement)

How big your pension pot needs to be to safely fund that lifestyle

How the “safe withdrawal rate” actually works in practice

How the State Pension fits into the picture and why there’s a gap if you retire at 55

How much you need to be contributing each month from where you are now, including employer contributions

I’ll also show you why starting earlier makes such a difference, and why some people are already on track without realising it, while others may need to course-correct now if 55 is their goal.

Who this video is for

This is for you if you’re in your 30s, 40s or 50s in the UK, earning decent money, and:

You’d like the option to retire around 55 (or at least work less),

You’re not sure what “the number” actually is,

And you want a clear, practical way to check if you’re on track.

I’m Ben, a Chartered Financial Planner, and I make videos to help you feel more confident and clear about your financial future without the jargon.

Disclaimer:
This video is for information only and does not constitute personal financial advice. It doesn’t take into account your individual circumstances. Pension and tax rules can change, and the value of investments can go down as well as up. If you’re unsure about what’s right for you, you should speak to a regulated financial adviser.

The views expressed are my own and not necessarily those of my employer.