How much should I have in my pension at 50?

On track at 50: the numbers

This is the pot you'd need at 50 to reach each standard at 67 with no more saving, counting the full State Pension (£241.30 a week).

Pot needed at 67 uses the 4% rule of thumb for the income above the State Pension. "On track" assumes 6% growth after fees and 2.5% inflation over 17 years. See How much pension do I need? for how these are worked out.

What do people actually have at 50?

Far less than £285,000. People aged 45 to 54 who have a pension hold around £80,000 on average, according to MoneyWeek's reading of the latest ONS figures (2020 to 2022), and that leaves out everyone with no pension at all. Millions of people in their fifties have very little saved.

If your number is small or zero, you're in a very big crowd. The useful question isn't "am I behind?" It's "what can I do in the next 17 years?" The answer is: quite a lot.

What your pot could become by 67

If you stopped saving today, here's what different pots at 50 could grow to, and what they could add to your weekly income, in today's money (6% growth after fees).

Then add what you save from now on. For a moderate retirement from 50 with nothing saved, you'd need to put in around £339 a week (including tax relief). With £80,000 already saved, that falls to about £243 a week. Those are big numbers, so for most late starters the realistic aim is "as far above the minimum as I can get", and that's a worthwhile aim.

What to do at 50 if you're behind

1. Check your State Pension forecast

It's the foundation of most people's retirement. Check yours at gov.uk/check-state-pension. If you're short of the 35 qualifying years for the full £241.30 a week, filling gaps with voluntary National Insurance can be one of the best-value moves available.

2. Find your old pensions

Many people have small workplace pensions from old jobs they've forgotten. The government's free Pension Tracing Service can help find them. Combining them can make them easier to manage, but check for lost guarantees or exit fees first.

3. Use tax relief and employer money

Every £20 you pay into a pension becomes £25 with basic-rate tax relief, and more for higher-rate taxpayers. If your employer will match extra contributions, that's free money: take it first.

4. Start small, start now

Waiting is the expensive option. Someone who starts £20 a week at 50 ends up with more than someone who starts £30 a week at 55. Start with what you can, then raise it each time your pay goes up.

5. Consider working a little longer

Each extra year of work means one more year of saving, one more year of growth, and one fewer year your pot has to pay for.

Quick questions

Is £100,000 in my pension at 50 good?

It's above what most people your age have. By 67 it could grow to around £177,000 in today's money (6% growth), adding about £136 a week to the State Pension, putting you comfortably above the minimum standard before any more saving.

I'm 50 with no pension. What should I do first?

Check your State Pension forecast, look for old workplace pensions, then start regular saving into a pension, even £20 or £25 a week. See our guide: How much pension do I need?

Can I still get tax relief at 50?

Yes. Pension tax relief applies at any age up to 75, within the annual allowance (generally £60,000 a year, or 100% of your earnings if lower).