Can you retire at 64?
Retiring at 64 means 3 years without state pension. Your pot must fund your entirelifestyle until 67 — then the state pension supplements it. Here's what that costs.
| Start saving at | Getting by | Living well | Enjoying life |
|---|---|---|---|
| Age 25 (39yr) | £115/mo | £929/mo | £1,517/mo |
| Age 30 (34yr) | £139/mo | £1,117/mo | £1,824/mo |
| Age 35 (29yr) | £170/mo | £1,372/mo | £2,240/mo |
| Age 40 (24yr) | £215/mo | £1,735/mo | £2,834/mo |
| Age 45 (19yr) | £284/mo | £2,293/mo | £3,745/mo |
| Age 50 (14yr) | £403/mo | £3,254/mo | £5,314/mo |
These targets assume starting from zero. Your situation is different. Check your personalised retirement readiness score.
- You're 25 and want to retire at 64? The average 25-year-old has £4,500→
- You're 30 and want to retire at 64? The average 30-year-old has £13,000→
- You're 35 and want to retire at 64? The average 35-year-old has £29,000→
- You're 40 and want to retire at 64? The average 40-year-old has £50,000→
- Is £500,000enough to retire? →
- Compare: retiring at state pension age (67) →
Retiring at 64 is a realistic and achievable goal for most people who have been contributing consistently throughout their career. The gap before state pension is 3 years — significant, but not the dramatic funding challenge of retiring at 55.
At this age, many workplace pensions offer early retirement options. If you have a defined benefit (DB) scheme, check the early retirement reduction factor — taking a DB pension a few years early typically reduces the annual payment by 3–6% per year. Sometimes this is worth it; sometimes waiting is better. The maths depends on your specific scheme.
If you're considering bridging the gap to state pension at 67, a combination of your 25% tax-free lump sum and modest drawdown can work well. The key is to avoid drawing too heavily in the early years — front-loading your spending is the biggest risk to a retirement pot.
- •2026 spending benchmarks outside London. Rent and mortgage payments are extra; household bills and basic maintenance are included.
- •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.
- •The target sums annual gross income needs to age 87 with zero investment growth during retirement. It is a simplified finite-horizon budget, not a 4% rule pot or a guarantee.
- •Target pots use the PLSA Retirement Living Standards (2026 single-person spending outside London, excluding rent and mortgage payments). Your actual needs depend on housing costs, health, location, and lifestyle preferences.
- •The state pension gap calculation assumes zero state pension before age 67. If you have a deferred state pension or other guaranteed income, your required pot may be lower.
- •Monthly contribution estimates assume 5% nominal growth, 0.75% annual fees, and starting from £0. If you already have a pot, you need less.
- •Figures are in today's money with 2.5% inflation. Contributions rise with inflation. Spending targets are grossed up for illustrative 2026/27 England, Wales and Northern Ireland pension income tax; withdrawals are fully taxable and Scottish tax differs.
- •The minimum pension access age is 55, rising to 57 from April 2028. You cannot access a defined contribution pension before this age without exceptional circumstances.
- •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.