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How much do you need to retire?

Important information: The value of investments and the income from them, can go down as well as up, so you may get back less than you invest.

You’ve been working and saving for years - but when will it be enough to actually give up full-time work and retire?

It’s a tough question, and one that’s not only asked by older people but by many younger workers too. What you really need to know is how much you need to save, and by when. If you know these things you can begin to get your finances fit for retirement.

Further down we’ll show you how to do that but, if you want a quick answer, Fidelity’s research found that UK households who manage to save seven times their annual household income by the age of 68 should be able to retire and maintain a similar standard of living as in their working life1. They're based on average household incomes in the UK with typically two working adults and two state pensions.

While a goal of seven may sound challenging, the key is to start as early as possible and aim to meet a series of savings milestones along the way. Our analysis suggests UK households aim to have at least one times their annual income by the age of 302. Here’s a further breakdown by age.


Age Income Multiple
30 x1
40 x2
50 x4
60 x6
68 x7
How much income do you need to live in retirement?
How much state pension will you get - and when?
Working out other sources of guaranteed income
How much income will your pension savings give you?
What kind of income will suit you best?

Important information: Investors should note that the views expressed may no longer be current and may have already been acted upon. Eligibility to invest in a pension and tax treatment depends on personal circumstances and all tax rules may change. You can't normally access money in a pension until 55. This information and our guidance tools are not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to an authorised financial adviser. You should regularly reassess the suitability of your investments to ensure they continue to meet your attitude to risk and investment goals.


1,2 Fidelity International's Retirement Savings Guidelines white paper. November 2018. Please note that the figures quoted are generic assumptions and estimations; they are not personalised and are not a replacement for professional advice. They may not represent what will actually happen in the future, because no one knows that. You can, however, use the figures quoted as high-level guidelines to retirement planning and saving. You can read how we do our calculations at

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