How long will my pension last?
Updated 7 October 2026. Figures checked against official sources on 7 October 2026.
It comes down to six things: how much you have, how much you take, your other income such as the state pension, how your investments grow after fees, inflation, and tax. The calculator answers in years, and in how often the money lasts across 500 market tests with random good and bad years.
Worked example: someone aged 64 retiring at 65 with £340,000, taking home £26,000 a year in today's money. From 90, your income falls short of the £26,000 a year you want. Your money lasts to 95 in 29 out of 100 market tests.
Worked example
From 90, your income falls short of the £26,000 a year you want.
- Age now
- 64
- Retire at
- 65
- Pots
- £340,000
- Take-home wanted
- £26,000 a year
- Plan until
- 95
How long different pots last
Each row retires at 65, takes home £26,000 a year in today's money, holds 80% in a pension and 20% in an ISA, and gets the full state pension from 67. Growth is 5% a year before fees and inflation 2.5%.
| Pots at 65 | Steady growth: money | Lasts to 95 in |
|---|---|---|
| £200,000 | falls short from 77 | 1 out of 100 market tests |
| £300,000 | falls short from 86 | 20 out of 100 market tests |
| £500,000 | lasts to 95 | 74 out of 100 market tests |
Why the order of returns matters
Two people with the same average growth can end up very differently. Losses early in retirement hurt most, because money is being taken out while values are down. In the worked example a 25% fall in the first year of retirement means the money falls short from 88, and if markets go badly (the worst 1 test in 10) it falls short from 81.
How long you might need it to last
The Office for National Statistics projects that, on average, a man aged 65 in 2026 lives about another 20 years and a woman about another 23. Half of people live longer than average, which is why plans often run to 90 or 95. The calculator's "living to 100" stress test shows what happens if you do.
What happens when a pot runs out
Drawdown has no guarantee: if withdrawals and falls in value outpace growth, the pot can run out. The state pension carries on, and so does any annuity or final salary pension. The calculator marks the age the pots run dry and the shortfall each year after.
Two other things that change the answer
- Guaranteed income. An annuity, a final salary pension or a guaranteed annuity rate pays for life whatever markets do.
- What's left on death. From 6 April 2027 unused pensions count towards your estate for inheritance tax. See inheritance tax on pensions.
Questions people ask
How long will £300k last in retirement?
In our worked example, £300,000 taking home £26,000 a year from 65, with the full state pension from 67, falls short from 86 on steady growth and lasts to 95 in 20 out of 100 market tests.
How long will £500k last in retirement?
On the same assumptions £500,000 lasts to 95 on steady growth and lasts to 95 in 74 out of 100 market tests.
How long will a £200k pension pot last?
On the same assumptions £200,000 falls short from 77 on steady growth and lasts to 95 in 1 out of 100 market tests.
What do the market tests mean?
The calculator tests your plan 500 times (a Monte Carlo simulation), each with a different random mix of good and bad years around your growth rate, and shows how often the money lasts: for example 76 out of 100. It's a model, not a forecast.
Can a drawdown pension run out?
Yes. Drawdown has no guarantee, so if withdrawals and market falls outpace growth the pot can run out. The state pension, annuities and final salary pensions carry on.
What is a safe withdrawal rate?
No withdrawal rate is safe in every case. The calculator shows how often a chosen income lasts across 500 market tests, so you can compare different incomes.
Sources
Rates and rules were checked against these on 7 October 2026. Worked-example figures come from the calculator, using 2026/27 tax rules.