How much pension should I have at 38?

The median UK pension pot at age 38 is around £41,000. However, whether that is enough depends on the retirement lifestyle you want. For a moderate retirement (£31,300/yr), you would need a pot of roughly £395,960 by age 67, assuming full state pension.

What is the average pension pot at 38 in the UK?

Based on ONS data, the median pension pot for someone aged 38 in the UK is approximately £41,000. The mean (average) is typically higher because a small number of very large pots skew it upward — the median is a more useful benchmark for most people.

Am I behind on my pension at 38?

It depends on your target. If you have £41,000 or more at age 38 and you are contributing at least £290/month, you are around the median. But the median saver is not necessarily on track for a comfortable retirement. Use a retirement readiness calculator to check whether your specific pot and contributions will meet your goals.

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Pension at 38

How much pension should you have at 38?

The median UK pension pot at age 38 is around £41,000. But is that enough? It depends on the retirement you want. Here are the numbers for all three PLSA living standards — and what you can do if there's a gap.

Median pension pot at 38

£41,000

Based on ONS Wealth and Assets Survey data (illustrative)

Typical monthly contribution

£290/mo

Years to state pension

Projected pot at 67

£338,662

Target pot at 67 by lifestyle

Getting by

£14,400/yr

£57,960

needed by 67

Median saver: 100%+ on track

Living well

£31,300/yr

£395,960

needed by 67

Median saver: 86% on track

Enjoying life

£43,100/yr

£631,960

needed by 67

Median saver: 54% on track

Assumes full state pension (£11,502/yr from 67), retirement to age 87, and median pot with typical contributions growing at 5% minus 0.75% fees.

What extra contributions from 38 could produce by 67

£100/month

+£68,395over 29yr

£200/month

+£136,791over 29yr

£300/month

+£205,186over 29yr

£500/month

+£341,976over 29yr

These are additional contributions on top of what you already save. Growth assumed at 5% nominal minus 0.75% fees.

Want your personal score?

The median tells you where most people are. Our retirement readiness calculator tells you where you are.

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Mid-career — what to think about at 38

At 38, you're roughly halfway between starting work and reaching state pension age. This is the point where the gap between "on track" and "behind" starts to widen noticeably — and where catching up becomes meaningfully harder with each passing year.

If your pot is below the median for your age, don't panic, but do act. The compounding window is still long enough for increased contributions to make a real difference. An extra £100/month from 38 could add over £50,000 to your pot by 67.

This is also when higher earners should check whether they're using their full annual allowance (£60,000 including employer contributions). Many people in their late thirties have unused allowance from previous years that can be carried forward — potentially allowing a single large contribution.

Useful calculators

Pension by age

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Things to consider

•Median pot figures are illustrative estimates derived from ONS Wealth and Assets Survey data. Your actual pot depends on your contribution history, employer match, fund choice, and fees.
•Target pots use the PLSA Retirement Living Standards (2024/25 single-person figures) and assume full state pension from age 67, with retirement lasting to age 87.
•Projections use 5% nominal growth and 0.75% annual fees. Actual returns will vary. Figures are in nominal terms and do not account for inflation.
•Being above or below the median says nothing about whether you personally are on track — it depends on your target lifestyle, other savings, property wealth, and state pension entitlement.
•This is general information, not personal financial advice. For personalised guidance, speak to an FCA-regulated financial adviser.

This calculator provides estimates based on 2025/26 tax rates and is not financial advice. Scottish taxpayers are subject to different income tax rates and bands. The calculations assume your salary is your only source of income and do not account for benefits in kind or other taxable income.

For personalised guidance on your pension contributions, speak to an FCA-regulated financial adviser. You can find one via Unbiased or VouchedFor.