How much pension should you have at 65?
The median UK pension pot at age 65 is around £174,000. 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 65, you may be within a few years of retiring — or considering working part-time. The key question now is not "how much do I have" but "how do I turn this pot into an income that lasts?"
If you're considering taking your 25% tax-free lump sum, think carefully about timing. You don't have to take it all at once — phased withdrawals can be more tax-efficient and keep more money invested for longer.
Before making any withdrawal decisions, check whether your pension has any valuable guarantees — some older schemes offer guaranteed annuity rates that are far better than anything available on the open market today. Once you give up a guarantee, you can't get it back.
- •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.