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Are my pension savings
on track?

You can use our pension calculator to check if you’re saving enough for retirement. But what does ‘enough’ mean? We’re here to explain and to give you some tips that could help you grow your pension pot.

How do I know if I’m saving enough?

You can use the Retirement Living Standards as a guide. The Pensions and Lifetime Savings Association created these to give you an estimate of the costs of different lifestyles in retirement. 

What the Retirement Living Standards recommend

Single people should aim for a retirement income of around £11,000 a year to afford a ‘minimum’ lifestyle, £21,000 for a ‘moderate’ one and £34,000 to be ‘comfortable’.

A couple will need around £17,000 a year as a minimum, £31,000 to achieve a moderate standard and £50,000 for a comfortable lifestyle.

These figures don’t include any housing costs like rent or mortgage payments, so you should include these when thinking about how much you might need.

Retirement income aims

Our pension calculator gives you an estimate of what your income from your Nest pension pot could be. It’s not a guarantee. Remember – you could also get money from other sources, like the State Pension, if you’re eligible.

If you haven’t thought about your future lifestyle, don’t worry. We can help you figure out what kind of retirement you want

What if I’m not saving enough?

There are lots of things you can do to save more for your future. To see what these different options could mean for your pot, you can change your entries in the calculator.

Think about your retirement age

When you join Nest we set your retirement age at 65 or your State Pension age, if later. You don’t need to stop contributing at this age – you can carry on paying in and give us longer to try to grow your savings too.

If you think you’ll leave your pot for longer, you should change your Nest retirement date. This will help us get your money ready for you when you need it.

Increase your contribution

Contact your employer and ask to pay more into your pension pot. If your employer offers ‘contribution matching’, they’ll pay in more too.

Pay extra contributions

You can make additional contributions to boost your pot. From your Nest account you can set up regular payments by Direct Debit or pay in single lump sums.

Consider transferring your other pots

Find out how much you’ve saved in any other pension pots you have. It could be easier for you to understand and manage all your retirement savings by transferring your other pots to Nest.

Learn how you could grow your money

Whether it’s contributing your loose change or paying a bonus into your pot – we’re here to help you understand how you can try to grow your pension.

What should I do if I’m on track?

If you’ve used our calculator and you’re happy with the results, that’s great. Remember – the figures you get are based on you continuing to save until your retirement age. So, it’s important you keep contributing to your pot.

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