Phased Retirement Calculator
Each pot grows at its own rate and is taxed its own way. Set a different income for each stage of retirement, and the calculator works out which pot to draw from each year to keep your tax bill as low as it can. Everything is shown in today's money.
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Which fits you?
Your figures
You
Your pots
Total £308,000Workplace pensionPension£210k
Old personal pensionPension£48k
Stocks and shares ISAISA · tax-free£35k
Cash savingsCash · tax-free£15k
Property and things you'll sell
Part-time work
Income you want (today's money, per year)
Not sure what you'll need? Work out what you'll spend →
Pensions UK's levels for one person, after tax: Basic £13,900, Middle £32,700, Comfortable £45,400.State pension
Tax and other income
Assumptions
Your estate (for inheritance tax)
Care home
Gifts to family (today's money)
Your money lasts to 95, with £85,457 left.
Your pots are drawn in the order that lasts longest and leaves your family the most on these figures: tax-smart.
For illustration only. This calculator lets you look at your own figures. It doesn't give financial advice. Before acting on anything here, get free, impartial guidance from Pension Wise, or speak to a regulated financial adviser.
Uses UK tax rules for 2026/27, checked against GOV.UK on 14 October 2026. Tax rules can change at any Budget.
Which pot to spend first
Your results use the order where your money lasts longest, then leaves your family the most. Here are all five, with the same spending each way. Figures if you live to 95.
- Your income
- Lasts to 95
- Tax while alive
- £57,192
- Tax after
- £0
- Family gets
- £435,457
- Your income
- Lasts to 95
- Tax while alive
- £57,192
- Tax after
- £0
- Family gets
- £435,457
- Your income
- Lasts to 95
- Tax while alive
- £57,192
- Tax after
- £0
- Family gets
- £435,457
- Your income
- Lasts to 95
- Tax while alive
- £51,056
- Tax after
- £23,878
- Family gets
- £434,747
- Your income
- Lasts to 95
- Tax while alive
- £59,561
- Tax after
- £19,010
- Family gets
- £426,039
Tax after is inheritance tax, plus the income tax your family pays on pensions they inherit, at .
- Winter Fuel Payment is taken back in years your own income is over £35,000 (your ages 67, 68, 69, 70, 71, 73, 74, 75, 76, 77, 78, 79, 80, 81, 82, 83, 84, 85, 86 and 87).
Stress tests
Tick one or more to see the whole page with them.
How sure is this?
How bumpy the markets are: B: medium, about 12% a year ↓Testing your plan against the markets…
How bumpy are the markets in these tests?
This changes the size of the good and bad years in these tests only. Your main result uses your % every year with no ups and downs, so it stays the same.Real-market figures: MSCI World Index (GBP) factsheet, to 30 September 2026Shares on their own usually go up and down more than a mix of shares and bonds. Cash, final salary pensions, annuities and the state pension don't change with markets. The tests are a guide, not a forecast.
Pots by age (today's money)
Where your income comes from, 62 to 95 (today's money)
Inheritance tax on your estate (today's money)
| Death at | Pots left | Home and other | Estate | Tax-free bands | Inheritance tax | Heirs' income tax on pensions |
|---|---|---|---|---|---|---|
| 70 | £287,345 | £350,000 | £637,345 | £452,975 | £73,748 | none (before 75) |
| 80 | £188,469 | £350,000 | £538,469 | £452,975 | £34,197 | £14,344 to £28,688 |
| 85 | £147,894 | £350,000 | £497,894 | £452,975 | £17,968 | £5,072 to £10,144 |
| 90 | £115,880 | £350,000 | £465,880 | £452,975 | £5,162 | no pensions left |
| 95 | £85,457 | £350,000 | £435,457 | £452,975 | none | no pensions left |
From April 2027 unused pensions count towards your estate. Anything left to a husband, wife or civil partner is free of inheritance tax. For a death at 75 or over, whoever inherits a pension also pays income tax on what they draw from it. The last column shows that tax at 20% and at 40%, on the pensions left after inheritance tax.
Leaving 10% (£20,346) to charity would cut the tax from £17,968 to £8,846. Your family would get £11,225 less.
Things to look into
Your pots are worth about £436,723 at 62. A regulated adviser can look at your whole situation. Fees vary between firms.
Listings are paid, shown in random order, and are not a recommendation. We may receive a fee if you use a partner service; it doesn't change what you pay. This calculator gives information, not advice or recommendations. Free, impartial guidance is available from MoneyHelper.
Pot by pot
| Pot | Tax on withdrawals | Tax-free cash | Paid in | Growth | Value at 62 | Drawn (today's £) | Doubles every |
|---|---|---|---|---|---|---|---|
| Workplace pension | 75% taxed | 25% of each withdrawal | £273,000 | £229,553 | £302,934 | £349,302 | 15.4 yrs |
| Old personal pension | 75% taxed | 25% of each withdrawal | £48,000 | £78,757 | £51,029 | £61,848 | 20.7 yrs |
| Stocks and shares ISA | none | – | £63,000 | £240,365 | £66,705 | £54,286 | 16.1 yrs |
| Cash savings | none | – | £15,000 | £44,007 | £16,055 | £0 | 20.1 yrs |
Paid in and growth are in cash terms. “Doubles every” uses growth after fees.
Year by year (today's money)
One row for each year: the income you want, what pays for it, how much is taken from each pot, the tax, and what's left. All in today's money, so every year compares with prices now.
| Coming in | Taken from each pot | Tax and what's left | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Age | Income wanted | State pension | Workplace pension | Old personal pension | Stocks and shares ISA | Cash savings | Income tax | Take-home | Shortfall | All pots at end |
| 55 | – | – | – | – | – | – | – | – | – | £326,202 |
| 56 | – | – | – | – | – | – | – | – | – | £344,452 |
| 57 | – | – | – | – | – | – | – | – | – | £362,759 |
| 58 | – | – | – | – | – | – | – | – | – | £381,131 |
| 59 | – | – | – | – | – | – | – | – | – | £399,577 |
| 60 | – | – | – | – | – | – | – | – | – | £418,104 |
| 61 | – | – | – | – | – | – | – | – | – | £436,723 |
| 62 * | £27,000 | – | £29,085 | – | – | – | £2,085 | £27,000 | – | £415,089 |
| 63 | £27,000 | – | £29,086 | – | – | – | £2,085 | £27,000 | – | £393,003 |
| 64 | £27,000 | – | £29,085 | – | – | – | £2,085 | £27,000 | – | £370,455 |
| 65 | £27,000 | – | £29,085 | – | – | – | £2,085 | £27,000 | – | £347,435 |
| 66 | £27,000 | – | £29,085 | – | – | – | £2,085 | £27,000 | – | £323,935 |
| 67 | £27,000 | £12,548 | £17,275 | – | – | – | £2,823 | £27,000 | – | £311,994 |
| 68 | £27,000 | £12,548 | £17,275 | – | – | – | £2,823 | £27,000 | – | £299,800 |
| 69 | £27,000 | £12,548 | £17,275 | – | – | – | £2,823 | £27,000 | – | £287,345 |
| 70 | £27,000 | £12,548 | £17,275 | – | – | – | £2,823 | £27,000 | – | £274,625 |
| 71 | £27,000 | £12,548 | £17,275 | – | – | – | £2,823 | £27,000 | – | £261,635 |
| 72 | £23,000 | £12,548 | £12,569 | – | – | – | £2,117 | £23,000 | – | £253,170 |
| 73 | £23,000 | £12,548 | £12,569 | – | – | – | £2,117 | £23,000 | – | £244,522 |
| 74 | £23,000 | £12,548 | £12,569 | – | – | – | £2,119 | £23,000 | – | £235,684 |
| 75 | £23,000 | £12,548 | £12,569 | – | – | – | £2,123 | £23,000 | – | £226,650 |
| 76 | £23,000 | £12,548 | £12,569 | – | – | – | £2,128 | £23,000 | – | £217,416 |
| 77 | £23,000 | £12,548 | £12,569 | – | – | – | £2,132 | £23,000 | – | £207,977 |
| 78 | £23,000 | £12,548 | £12,570 | – | – | – | £2,137 | £23,000 | – | £198,329 |
| 79 | £23,000 | £12,548 | £12,570 | – | – | – | £2,141 | £23,000 | – | £188,469 |
| 80 | £23,000 | £12,548 | £12,569 | – | – | – | £2,145 | £23,000 | – | £178,391 |
| 81 | £23,000 | £12,548 | £4,376 | £8,193 | – | – | £2,150 | £23,000 | – | £168,188 |
| 82 | £20,000 | £12,548 | – | £9,040 | – | – | £1,624 | £20,000 | – | £161,469 |
| 83 | £20,000 | £12,548 | – | £9,040 | – | – | £1,628 | £20,000 | – | £154,704 |
| 84 | £20,000 | £12,548 | – | £9,040 | – | – | £1,632 | £20,000 | – | £147,894 |
| 85 | £20,000 | £12,548 | – | £9,040 | – | – | £1,636 | £20,000 | – | £141,039 |
| 86 | £20,000 | £12,548 | – | £9,040 | – | – | £1,639 | £20,000 | – | £134,138 |
| 87 | £20,000 | £12,548 | – | £8,455 | £497 | – | £1,555 | £20,000 | – | £127,276 |
| 88 | £20,000 | £12,548 | – | – | £7,684 | – | £232 | £20,000 | – | £121,631 |
| 89 | £20,000 | £12,548 | – | – | £7,684 | – | £232 | £20,000 | – | £115,880 |
| 90 | £20,000 | £12,548 | – | – | £7,684 | – | £232 | £20,000 | – | £110,020 |
| 91 | £20,000 | £12,548 | – | – | £7,684 | – | £232 | £20,000 | – | £104,050 |
| 92 | £20,000 | £12,548 | – | – | £7,684 | – | £232 | £20,000 | – | £97,968 |
| 93 | £20,000 | £12,548 | – | – | £7,684 | – | £232 | £20,000 | – | £91,770 |
| 94 | £20,000 | £12,548 | – | – | £7,684 | – | £232 | £20,000 | – | £85,457 |
Marked rows are the years before your pensions or state pension start.
* First taxable pension withdrawal: Workplace pension at 62. Providers usually take emergency tax on a first withdrawal, which can be claimed back: form P55 for part of a pot, P53Z if a whole pot is emptied while still working, or P50Z if it's emptied after stopping work. GOV.UK: claim back tax on a pension.
- Inheritance tax uses a £325,000 nil-rate band plus £175,000 for a home left to direct descendants (reduced for estates over £2m), both frozen until April 2031 in this model and rising with inflation after.
- Tax uses England, Wales and Northern Ireland rates: 20% basic, 40% higher, 45% additional, with the tax-free allowance shrinking above £100,000. Thresholds stay frozen until April 2031, then rise with inflation in this model. Scottish rates are used when a tax code starts with S, on everything except savings interest.
- Each pension pot lets you take 25% tax-free, either a quarter of every withdrawal or all at once as a lump sum. Pension withdrawals are 25% tax-free and 75% taxed until you've used the £268,275 limit on tax-free cash. ISA and cash withdrawals are tax-free. Interest on cash outside an ISA is taxed as savings income after the starting rate and personal savings allowance, at 20%, 40% or 45% (22%, 42% and 47% from April 2027), and paid from the savings.
- A final salary pension is modelled from the yearly figure on your statement, cut for each year taken early, then rising by the yearly increase you set. Taking the maximum lump sum assumes the HMRC 25% rule and your scheme's swap rate, and the lump sum counts towards the £268,275 tax-free cash limit.
- A GAR annuity is usually a level income for life and is fully taxable. It buys less every year, which the table shows in today's money.
- Paying more than £60,000 a year into pensions (all pots, you and any employer combined) needs unused allowance carried forward from the previous three tax years.
- Property and things you'll sell grow (or lose value) at the rate you set. When one is sold, what's owed is paid off, Capital Gains Tax is taken (the first £3,000 of gains a year free, then 18% or 24%, none on a car or campervan you use yourself) and the rest goes into a cash savings pot. Rent is taxed as income, at 2 points more from April 2027. Anything not sold counts towards your estate.
- Growth is a steady average. Real markets go up and down, and a bad run early in retirement hurts most. This is for illustration only, not financial advice.