How much pension should you have at 38?
The median UK pension pot at age 38 is around £41,000. But is that enough? It depends on the retirement you want. Here are the numbers for all three PLSA living standards — and what you can do if there's a gap.
The median tells you where most people are. Our retirement readiness calculator tells you where you are.
Check your scoreAt 38, you're roughly halfway between starting work and reaching state pension age. This is the point where the gap between "on track" and "behind" starts to widen noticeably — and where catching up becomes meaningfully harder with each passing year.
If your pot is below the median for your age, don't panic, but do act. The compounding window is still long enough for increased contributions to make a real difference. An extra £100/month from 38 could add over £50,000 to your pot by 67.
This is also when higher earners should check whether they're using their full annual allowance (£60,000 including employer contributions). Many people in their late thirties have unused allowance from previous years that can be carried forward — potentially allowing a single large contribution.
- •Median pot figures are illustrative estimates derived from ONS Wealth and Assets Survey data. Your actual pot depends on your contribution history, employer match, fund choice, and fees.
- •Target pots use the PLSA Retirement Living Standards (2026 single-person spending outside London, excluding rent and mortgage payments) and assume full state pension from age 67, with retirement lasting to age 87.
- •Projections use 5% nominal growth and 0.75% annual fees. Actual returns will vary. Figures are in today's money with 2.5% inflation and contributions that rise with inflation. Targets allow for illustrative 2026/27 England, Wales and Northern Ireland pension income tax; withdrawals are fully taxable and Scottish tax differs.
- •Being above or below the median says nothing about whether you personally are on track — it depends on your target lifestyle, other savings, property wealth, and state pension entitlement.
- •This is general information, not personal financial advice. For personalised guidance, speak to an FCA-regulated financial adviser.
Estimates use 2026/27 tax rates. Illustrative 2026/27 England, Wales and Northern Ireland income tax; pension income only, fully taxable, no tax-free withdrawals or other allowances. Scottish tax differs.