Calculators | Lincoln Financial

The cost of waiting /lincoln/cost-of-waiting

Delay saving by

The actual £ figure at retirement

Wait 3 years,

miss out on £32,658
at retirement

Start saving now

£252k

Wait 3 years

£219k

You miss

£33k

If you start saving today

£251,778

If you wait 3 years

£219,119

What you'll miss out on

£32,658

Assumptions

The investment return and inflation behind these figures

The power of paying in more /lincoln/paying-in-more

Go from 5% to 6% and

boost your pension by £83.33 a month
for just £30 extra

Figures shown per month

Try changing how much you save

Now 5%

£416.67

£500

Add £83.33 a month to your pension

Now · 5%

You pay £150 a month

At 6%

You pay £180 a month

Detailed breakdown

See the tax, National Insurance and employer figures behind these numbers

Per month	Now · 5%	At 6%	Difference
You pay in	£208.33	£250	+£41.67
Less tax relief	£41.67	£50	+£8.33
Less NI relief	£16.67	£20	+£3.33
Cost to your take-home pay	£150	£180	+£30
Employer adds	£208.33	£250	+£41.67
Total into your pension	£416.67	£500	+£83.33
Income tax	£582.17	£573.83	−£8.33
National Insurance	£232.87	£229.53	−£3.33
Take-home pay	£3,143.30	£3,113.30	−£30

What should I be saving? /lincoln/savings-target

Start with your age and what's in your pensions today, then see how you're tracking against the Retirement Living Standards.

At 8%, your pot could grow to £246,800 by age 67

Retirement Living Standards · One person · 2026

Minimum Moderate Comfortable 48%

You're on track for

Minimum

100% there

You'll get

£22,178 a year

£1,848 a month

Covers all your needs, with some left over for fun

To reach
Moderate

Save £473more a month

20.6% of your salary in total

Target

Moderate

67% there

You'd get

£32,700 a year

£2,725 a month

More financial security and flexibility, a holiday abroad each year

Assumptions

How we've worked out these figures

What should I be saving? (pot view) /lincoln/savings-pot

Start with your age and what's in your pensions today, then see how you're tracking against the Retirement Living Standards.

Your income at 67

£22,178a year

Retirement Living Standards · One person · 2026

You are here

Minimum £13,900 a year Covers all your needs, with some left over for fun

Moderate £32,700 a year More financial security and flexibility, a holiday abroad each year

Comfortable £45,400 a year More financial freedom and some luxuries, regular holidays

Try saving more

Drag to add to your monthly saving, or pick a standard on the pot.

Enough for Minimum

Going in each month: £300
Share of your salary: 8%
Pot at 67: £246,800

Assumptions

How we've worked out these figures

One pot, three ways to use it /lincoln/pension-options

Start with a few details about you and your pension, then see what cash, a guaranteed income and drawdown could give you.

Projected pot at age 65 (2030), in today's money

£170,268

Age now 61Years to retirement 3.2Life expectancy 88

Shape your pot

Split your pot between the options below. Anything unallocated stays invested.

Step 1 of 3: Cash

Most people can take up to 25% of their pension pot as tax-free cash, in one go or in stages. You don't have to take any. Use the Cash slider to choose how much of your pot to take as cash; the rest stays invested for now.

Cash 25%£42,567

Still invested 75%£127,701

Cash

Allocated: 25% of pot, 75% still invested.

Cash£42,567 of pot

You receive (after tax)

£42,567

Tax-free portion: £42,567
Taxable portion: £0
Income tax: −£0
Net cash: £42,567

Assumptions and small print

Change the growth and inflation we've assumed, and see what's behind the numbers

How soon can I be debt-free? /lincoln/debt-free

Repayment

By repaying £1,500 a month, you'll pay

£173,859
in interest

18 yrsuntil you're debt-free

Total debt repayment

£323,859

Total interest paid

£173,859

Debt-free by

2044

Detailed breakdown

Your balance, payments and interest, year by year

Year	Balance at start	Paid	Interest	Balance at end
1	£150,000	£18,000	£14,859	£146,859
2	£146,859	£18,000	£14,530	£143,388
3	£143,388	£18,000	£14,166	£139,555
4	£139,555	£18,000	£13,765	£135,319
5	£135,319	£18,000	£13,321	£130,641
6	£130,641	£18,000	£12,831	£125,472
7	£125,472	£18,000	£12,290	£119,762
8	£119,762	£18,000	£11,692	£113,455
9	£113,455	£18,000	£11,032	£106,487
10	£106,487	£18,000	£10,302	£98,789
11	£98,789	£18,000	£9,496	£90,285
12	£90,285	£18,000	£8,606	£80,891
13	£80,891	£18,000	£7,622	£70,512
14	£70,512	£18,000	£6,535	£59,048
15	£59,048	£18,000	£5,335	£46,382
16	£46,382	£18,000	£4,008	£32,391
17	£32,391	£18,000	£2,543	£16,934
18	£16,934	£17,859	£925	£0
Total		£323,859	£173,859