April 14, 2026
One of the most common questions we hear at Beaumont Wealth is: am I saving enough?
The truth is, there isn’t a single magic number. How much you need depends on factors such as:
That said, pension benchmarks by age in the UK do exist. They are well-researched, and comparing yourself against them can be very useful for keeping yourself on track.
This guide explains what you should realistically be aiming for at each stage of life, why these targets exist, and what steps to take if you’re behind the benchmark.
Before looking at the numbers by age, it helps to understand what you are actually aiming for in retirement. The Pensions and Lifetime Savings Association (PLSA) publishes annual Retirement Living Standards that set out the income needed for three different retirement lifestyles in the UK.
For the 2025/26 tax year, those figures for a single person are:
The full new State Pension for 2025/26 is £11,973 per year. This means that for most people, the State Pension alone will not be sufficient, and private pension savings need to do significant work to bridge the gap. To achieve a moderate retirement as a single person, you would typically need a pension pot of around £330,000 to £490,000 on top of the State Pension. For a comfortable retirement, that rises to approximately £540,000 to £800,000.
These are the targets to keep in mind as we work through the age benchmarks below.
Your 20s are the most valuable decade for pension saving, even if the amounts feel modest. The power of compound growth means that contributions made in your 20s will grow for 40 or more years before you retire. Every pound you save now is worth significantly more than a pound saved in your 40s.
Thanks to auto-enrolment, most employees now contribute to a workplace pension from the start of their careers. The minimum combined contribution is currently 8% of qualifying earnings, though financial planners typically recommend aiming for 12 to 15% total if you can manage it.
A useful rule of thumb is to halve your age and use that as a percentage of salary to target. At 25, that means saving roughly 12 to 13% in total contributions. Even if you cannot hit that immediately, starting somewhere and increasing gradually is far better than waiting.
If you are concerned about whether your pension pot by age is on track, speak to one of our pension advisers who can help you build a plan that works for your circumstances.
Your 30s often bring higher earnings but also higher outgoings, whether that is a mortgage, childcare, or simply the cost of life getting more expensive. Pension saving can feel like it takes a back seat, but this is the decade when the gap between where you are and where you need to be can start to widen.
A rough benchmark for this stage is to have saved approximately twice to three times your annual salary by the time you reach 40. For someone earning £35,000, that would mean a pension pot of around £70,000 to £105,000 by 40.
If you have changed jobs, you may have several small pension pots sitting with previous employers. Consolidating these (with professional advice) can reduce fees and give you a clearer picture of your total position. Many people are surprised to discover how much they have lost track of.
Your 40s are often described as the most important decade for pension planning. Earnings are typically at or near their peak, and you still have 20 or more years for investments to grow. This is also the decade when many people start to take their retirement planning more seriously, sometimes because they realise they are behind on pension benchmarks.
By the time you reach 50, most advisers suggest you should have roughly five to six times your annual salary saved. For someone earning £40,000, that is a target of around £200,000 to £240,000. If you are below that figure, do not panic, but do take action. Using carry forward rules, you can contribute up to three previous years of unused pension allowance, potentially putting in well above the standard annual limit of £60,000 in a single year if your circumstances allow.
Your 50s are when retirement starts to feel real, and for many people, this is when they first sit down with a financial adviser to properly model out what their retirement might look like. At this stage, the focus shifts from simply saving to thinking carefully about how those savings will be drawn down, in what order, and in the most tax-efficient way.
If you are behind on UK pension benchmarks at this stage, the options include increasing contributions significantly, considering a slightly later retirement date, or reviewing your expected retirement income needs. A personalised cashflow model, which we use with clients as standard, can show you clearly whether your current trajectory will fund the retirement you want.
It is never too late to take stock. Contact us at Beaumont Wealth to arrange a review of your pension position.
As you approach retirement, the question shifts from ‘how much should I have in my pension’ to ‘how should I use it?’ From age 57 (rising from 55 in April 2028), you can begin accessing your pension. But accessing it too early, or without a clear plan, can result in a much higher tax bill and a shorter-lived pot than you intended.
Key decisions at this stage include whether to take an annuity, go into drawdown, or use a combination of both. The right answer depends on your health, your other income sources, your attitude to risk, and your personal priorities. These are decisions that benefit from independent professional advice, and the difference between a well-structured and a poorly structured drawdown plan can run to tens of thousands of pounds over the course of a retirement.
The honest answer is that a significant number of people in the UK are behind on pension benchmarks at every age. According to ONS data, the median pension pot for those aged 55 to 64 is around £70,000, far short of what most people need for a comfortable retirement. That gap is real, but it is also manageable with the right support.
The key steps are to understand your current position clearly, consolidate any old pensions, maximise contributions relative to your income, and make use of tax relief efficiently. A qualified independent financial adviser can help you work through all of these and give you a realistic, personalised picture of what your retirement could look like.
At Beaumont Wealth, we work with clients across Shropshire, Cheshire, and North Wales to build pension strategies that are practical, tax-efficient, and tailored to individual goals. Whether you are just starting out or approaching retirement, we can give you a clear view of where you stand and what your options are.
Speak to a pension adviser today or visit us at our offices in Shrewsbury, Chester, or Oswestry we would be delighted to help.
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