Can you retire at 70?
Retiring at 70 means your state pension has been paying out for 3 years already. With fewer years of drawdown ahead, you need a smaller pot — but you also had fewer years to build it.
| Start saving at | Getting by | Living well | Enjoying life |
|---|---|---|---|
| Age 25 (45yr) | £36/mo | £528/mo | £884/mo |
| Age 30 (40yr) | £42/mo | £623/mo | £1,043/mo |
| Age 35 (35yr) | £50/mo | £746/mo | £1,249/mo |
| Age 40 (30yr) | £61/mo | £912/mo | £1,527/mo |
| Age 45 (25yr) | £77/mo | £1,146/mo | £1,918/mo |
| Age 50 (20yr) | £101/mo | £1,498/mo | £2,509/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 70? The average 25-year-old has £4,500→
- You're 30 and want to retire at 70? The average 30-year-old has £13,000→
- You're 35 and want to retire at 70? The average 35-year-old has £29,000→
- You're 40 and want to retire at 70? The average 40-year-old has £50,000→
- Is £400,000enough to retire? →
- Compare: retiring at state pension age (67) →
Retiring at 70 means working beyond the current state pension age of 67. While not everyone chooses this, those who do benefit from several compounding advantages: 3 extra years of contributions, 3 extra years of investment growth, and 3 fewer years of drawdown.
Each year you delay retirement has a triple benefit — more goes in, more time to grow, less time to spend it. Working even 2–3 years beyond 67 can increase your sustainable retirement income by 20–30%, which can be the difference between a minimum and moderate retirement.
If you're working past 67 not by choice but because your pot isn't large enough, focus on maximising the final years: increase contributions, ensure you're getting the employer match, and check that your investments aren't in an overly cautious "lifestyle" fund that de-risks too early. You should also check whether you can defer your state pension — each year of deferral increases the annual payment by approximately 5.8%.
- •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.