UK Savings by Age: How Do You Compare?
The benchmarks you need, and why they might not apply to you
The Quick Answer: Fidelity Savings Benchmarks
These are the most commonly cited savings benchmarks. They assume you started saving at 22 and earned average wages throughout your career. If that is not you, do not worry. The section below shows what people your age actually have saved.
Important: These are international benchmarks applied to a UK context. They do not account for the UK state pension, which provides a foundation of up to £12,548/year. Use these as a starting point, not a definitive target.
| Age | Target Pension Pot | Assumes Salary Of | Real Example (40k salary) |
|---|---|---|---|
| 30 | 1x annual salary | National average wage | £40,000 |
| 40 | 2x annual salary | National average wage | £80,000 |
| 50 | 4x annual salary | National average wage | £160,000 |
| 60 | 6x annual salary | National average wage | £240,000 |
What People Actually Have: ONS Data
The Office for National Statistics reports median pension pot sizes by age band. Notice the gap between what you should aim for and what most people actually have.
| Age Band | Median Pension Pot | Median ISA Balance | On Track? |
|---|---|---|---|
| 30-39 | £42,000 | £11,000 | Room to grow: add £20k-40k |
| 40-49 | £100,000 | £24,000 | Room to grow: add £40k-80k |
| 50-59 | £210,000 | £46,000 | Getting closer: add £50k-90k |
Source: ONS Wealth and Assets Survey, latest available data
Where you fall in the band matters: If you are at the younger end (38-40), you have more time for your money to compound. If you are at the older end (45-49), you may need to save more aggressively to catch up. Either way, knowing where you actually stand is the first step to getting on track.
Why Averages Are Both Useful and Misleading
The good news: Averages tell you if you are in the right ballpark. If you are 40 with £20,000 in your pension, you know you need to catch up. If you are 40 with £150,000, you are ahead of most people your age.
The catch: Averages do not account for YOUR retirement. They do not factor in your spending, your state pension entitlement, your partner's income, whether you own your home, or your target retirement age.
The Only Number That Matters Is Yours
These benchmarks assume average spending, average returns, average everything. You are not average. Your number depends on your actual situation. Someone planning to travel extensively in retirement needs more than someone happy with a modest life. Someone with a mortgage-free home needs less than someone renting.
What Your Retirement Lifestyle Costs in the UK
The PLSA retirement living standards show what different lifestyles cost per year in 2026/27 prices.
Minimum
£13,400/year
Covers essentials only. State pension provides £12,548/year, leaving a gap of £852/year from private savings.
Moderate
£31,300/year
More comfortable. Includes some holidays and leisure. Requires approximately £450,000 in private pension savings.
Source: PLSA Retirement Living Standards 2026
The State Pension Foundation
The UK state pension provides a foundation for retirement. For 2026/27, the full state pension is £12,548 per year. It rises each year by the triple lock (the highest of average earnings growth, CPI inflation, or 2.5%), which was 4.1% for 2026/27. This is paid from your state pension age, which is currently 66 but rising to 67 between 2028 and 2029.
To receive the full state pension, you need 35 qualifying years of National Insurance contributions. You can check your forecast at gov.uk/check-state-pension.
Why This Matters for Your Savings Target
If you will receive the full state pension, you need less from private savings. Someone targeting £30,000/year only needs £17,452 from their own pension if state pension covers the rest. This could mean saving £200,000 less over your lifetime.
Age by Age: What On Track Looks Like
On Track: £40,000-£50,000 in pension
If you started work at 22 earning £25,000 and received 3% employer contribution plus 5% your own, you would have approximately £45,000 at 30 with 7% growth.
Room to grow: Add £20k-40k to hit the target range.
What to do: Check you are getting full employer match. Open a Lisa if you are a first-time buyer. Start building an emergency fund.
On Track: £80,000-£100,000 in pension
With the same contribution pattern, you would have approximately £100,000 at 40. If you started saving later, £60,000-£80,000 is still reasonable.
Room to grow: Add £40k-80k to hit the target range.
What to do: Use salary sacrifice if available. Check your investment charges. Consider working slightly longer to compensate.
On Track: £160,000-£200,000 in pension
You have 15-17 years until state pension age. Time is still your greatest asset. Compound growth is working hard for you.
Room to grow: Add £80k-120k to hit the target range.
What to do: Review your asset allocation. Consider whether you can use salary sacrifice to boost contributions. Start planning your retirement timeline.
On Track: £240,000-£300,000 in pension
You are approaching retirement. Review your retirement income options. You can start accessing your pension from 55 (rising to 57 by 2028).
Room to grow: Add £120k-160k to hit the target range.
What to do: Get a state pension forecast. Review your retirement income options. Consider whether part-time work in early retirement suits you.
Calculate Your Actual Number
These benchmarks are useful for context. But your number depends on your actual income, expenses, goals, and circumstances.
Retirement Planner
Connect your accounts and see exactly where you stand. Get a personalised forecast based on YOUR actual data.
Your Personal Target
Everyone needs a different amount. Your number depends on your desired retirement lifestyle, not an average.
The Only Number That Matters Is Yours
These benchmarks assume average spending, average returns, average everything. Connect your accounts and see where you actually stand. Your number is waiting.
See Your NumberFurther Reading
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