Single or couple, both are shown. Pick your situation.
The short answer
£350k at 68 sits roughly £23,825 short of the cheapest place we track (County Durham), and about £153,800 short of a UK-average lifestyle. The gap comes from bridging the 0 years before State Pension at 67 plus the years after.
Annual income from pot
£14,000
4% withdrawal before 67
+ State Pension
£12,548/year
from age 67
Combined from 67
£26,548/year
pot + State Pension
To retire at 68 you need about £373,825 for the cheapest place (County Durham) and £503,800 for a UK-average lifestyle. You are about £23,825 short of the cheapest option. That is the number to focus on.
We use UK-average living costs (£32,700/year for a single person). Your rent or mortgage, kids, debts, existing pensions, and the lifestyle you actually want aren't in this calculation. The only way to know your real gap is to model it.
Build my retirement plan →The short answer
£350k at 68 covers the cheapest locations we track (the cheapest needs about £327,145), but a UK-average lifestyle needs about £507,600. The gap is roughly £157,600. See the affordable list below and check what £350k buys in your region.
Annual income from pot
£14,000
4% withdrawal before 67
+ State Pension
£25,096/year
from age 67
Combined from 67
£39,096/year
pot + State Pension
12 of the 360 places we track need less than ££350k. These are the cheapest:
Your pot of £350k exceeds the cost of retirement in these locations, but the places not listed, typically London and the South East, need more.
Change the pot and the age to yours. The verdict updates as you go. No account, nothing to fill in.
Pensions, ISAs and investments combined.
State Pension is already in payment at this age.
The verdict
Not yet
£350k at 68 as a single covers 0 of 360 UK places we track. The cheapest place we track needs £23,825 more than you have.
That is £14,000 a year drawn from the pot, rising to £26,548 once the State Pension starts at 68.
This assumes you stop paying in today.
Most people reading this are still contributing, with years left to run. Those contributions are missing from the number above, and they are usually what decides whether the date works.
See it with my contributions inFree. No card required.
1 · Bridge the years
Until State Pension at 67, your pot pays for everything. Retiring at 68 means 0 full years of living costs before the pension starts.
2 · Then the pension
From 67 the State Pension (£12,548/year) covers part of living costs, and the remaining gap comes from the pot at a 4% withdrawal rate.
3 · Compare places
We repeat this for all 360 places using each area's annual living costs, then rank them cheapest to priciest. The verdict follows how far your pot goes.
Compare the cheapest and the UK-average retirement targets for a single person at 68.
Cheapest place
£373,825
County Durham · your pot falls short by £23,825
UK-average lifestyle
£503,800
£32,700/year living costs · your pot falls short by £153,800
We estimate the pot you need as the cost of bridging the years until State Pension age (67), plus the years after, when State Pension income covers part of your living costs. A 4% annual withdrawal rate is assumed from your pot. All figures are pre-tax and exclude housing costs you still owe.
Three outcomes: "yes" means your pot covers a UK-average lifestyle (about £38,000/year for a single person) and most places we track; "it depends" means your pot covers some places but not the UK average; "not yet" means your pot is short of even the cheapest place we track. Figures are deliberately conservative.
Yes. The calculation includes the full new State Pension (about £12,548/year for a single person) from age 67. Between your retirement age and 67, your pot is drawn down on its own, which is why retiring earlier needs a larger pot.
Use the couple toggle. A couple receives up to two State Pensions and we assume living costs of about 1.35x a single person (shared housing and bills). This is an illustrative assumption, so treat the couple figures as a guide rather than exact.
Every age and pot combination has its own page. See how the verdict changes nearby.
Adjusted for state pension, ISA bridging, and 25% pension tax-free lump sum. Not a US spreadsheet.
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