Are you looking at how much you should save for retirement? According to the Retirement Living Standards, the minimum income for a single person in retirement is £14,400 a year or £22,400 for a couple.

How much you'll need to save depends on your lifestyle, where you live, and whether you have any dependents. Read our blog to figure out how to save for your pension.

Saving for retirement

Recommended amounts for saving for retirement vary. However, according to Retirement Living Standards, the minimum income for a single person in retirement is £14,400 a year or £22,400 for a couple. For a 'comfortable' retirement, this rises to £43k yearly for a single person or £59k for a couple. Retirement can last for 20 years or more, depending on when you retire and how long you live. 

You may also want to consider other lifestyle factors, such as whether you’ll still be paying for housing, such as a mortgage, rent, or care costs.

It’s also worth noting that you may be auto-enrolled on a pensions plan with your employer, which involves payments taken from your salary being automatically paid towards your pensions scheme. If you are, you can check the details of the payments you’re making with that.

A more personalised way of looking at what you could save for your pension pot is to use a pension calculator. This can give you an income to aim for and tell you whether you’re likely to reach your goal or what the shortfall might be. 

Retirement budget planner

Calculating how much money you'll need in retirement and how much you can afford to save now can be difficult if you don't know what you're currently spending.  Use our budget planner to see how much you can put into pension savings.

See MoneyHelper's free online budgeting tool to get started.

Making a retirement savings plan

Making a retirement savings plan, either by yourself or with a partner or household member, can give you a concrete place to start. Things such as working out how much you’ll need for the future, working out your likely income and assessing any income options are a good place to start. 

Ways to save for retirement

Automate your pension savings

Auto-enrolment for your pension via your salary is a great first step, and the main way that many contribute regularly towards their pension. See How pension auto-enrolment works for more information.

If you have a personal pension, you may be able to make payments via a standing order or by bank transfer but do check with your pension provider about this. If you’ve stopped or are considering stopping or pausing your pension contributions, see Stopping or reducing your pension contributions before you decide.

Emergency retirement guidance

Depending on your situation, here are some ways to boost your pension.

• Check your State Pension forecast. You'll need 35 qualifying years of National Insurance credits to get the full amount and 10 years to get anything.
• Join your workplace pension and pay in more than the minimum contributions.
• Consider delaying retirement or your State Pension claim.
• Make sure you're claiming all the benefits you're entitled to.
• Find any lost or forgotten pension posts. See How to find old or lost pensions for help with this.

It’s never too late to start saving into a pension, but if you’ve found yourself without one at a later age, there are things you can do to increase your income.

It’s good to start thinking about your retirement options and the choices you’ll need to make ahead of your future, and our information can help you get ready for retirement!