Have I Enough?
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Pension outlook · worked example

Will I have a £1m pension at 46?

Not on the minimum alone — but it's within reach~£310k by 67

On the median £42k salary for your age, paying just the auto-enrolment minimum of about £240 a month, you'd build roughly £310k by 67. To reach £1m you'd step up to about £1,850 a month (£1,610 more than the minimum) — or get there through pay rises, more generous employer schemes, or starting a little sooner. Even then, most of the pot is compounding, not saving harder.

Change these numbers liveOpen the full planner

To reach £1m by 67

Aim for this much in total monthly contributions (you + employer) — or close the gap with pay rises, a better employer scheme, or starting sooner.

£1,850/mo

£1,610 more than the minimum

You don’t save your way to £1m — you grow it

Of the £310k pot built by 67, about £134,680 is money you put in and roughly £174,910 is investment growth — 56p in every £1 comes from compounding, not a bigger salary.

Target £1m£1mAge 46Age 67
Money you put in Investment growth £1m target

Here’s the scenario

A typical earner your age, built from ONS national medians — not a high flyer. Everything is in today’s money.

Age now
46
21 years to age 67
Median salary
£42,154
ONS median full-time pay, ages 40–49
Paid in / month
£240
Auto-enrolment minimum (you + employer)
Already saved
£74,200
ONS median pot for savers this age
Growth
5% a year
Above inflation
Target
£1m
Pension pot by 67

How the pot builds up

  • Age 46
    Not yet
    Paid in
    £74k
    Pot value
    £74k
  • Age 51
    Not yet
    Paid in
    £89k
    Pot value
    £111k
  • Age 56
    Not yet
    Paid in
    £103k
    Pot value
    £157k
  • Age 61
    Not yet
    Paid in
    £117k
    Pot value
    £216k
  • Age 66
    Not yet
    Paid in
    £132k
    Pot value
    £292k
  • Age 67
    Not yet
    Paid in
    £135k
    Pot value
    £310k

An average earner your age lands near £310k by 67. The table below shows what a little extra each month does.

What a bit more each month does

+£50/mo
£331k
by 67 (£290/mo total)
Not quite yet
+£100/mo
£352k
by 67 (£340/mo total)
Not quite yet
+£200/mo
£395k
by 67 (£440/mo total)
Not quite yet

To land on £1m by 67 you’d aim for about £1,850/month in total contributions — £1,610 more than the average earner your age. Employer top-ups and pay rises help close that.

Try it with your own numbers

Live

The real planner engine, running in your browser. Change your pot, monthly saving, growth and target and watch the pot you’d have by 67 — and the age you’d hit your target — update instantly.

Not yet — nudge it up£310k by 67

An extra £2,740/month, a little more growth, or starting earlier would get you to £1m.

Pot at 67
£310k
Hits target
Not by 67
You put in
£135k
Growth adds
£175k

Projected pot (today's money)

Pot
Open the full plannerAssumes contributions to 67 and growth above inflation. Illustrative only — not financial advice.

Other pension targets at 46

What pension could I have at 46? →

A £1m pension at another age

Will I ever have a £1m pension? →

Where these figures come from

The default salary, contribution and existing-pot figures are UK national medians, not a prediction about you — your own pay, employer scheme, other pensions and returns will differ. Change any of them in the live tester above. Growth of 5% a year above inflation is illustrative, and all amounts are in today’s money. This is a planning tool, not financial advice.

Frequently asked questions

Will I have a £1m pension at 46?

On the median £42k salary for your age, paying just the auto-enrolment minimum of about £240 a month, you'd build roughly £310k by 67. To reach £1m you'd step up to about £1,850 a month (£1,610 more than the minimum) — or get there through pay rises, more generous employer schemes, or starting a little sooner. Even then, most of the pot is compounding, not saving harder. The figures use national medians (not a promise about you): the ONS median full-time salary for ages 40–49 (£42k), the auto-enrolment minimum of about £240 a month (you + employer, 8% of qualifying earnings), the ONS median pot for someone your age who already saves (£74k), and 5% investment growth a year above inflation to age 67.

Do I need a high salary to get a £1m pension?

No. On the median £42k full-time salary for ages 40–49 (ONS), paying only the legal minimum, you'd build around £310k by 67. The reason is compounding: about 56% of the pot is investment growth rather than money you pay in. Starting earlier matters far more than earning more, because your early contributions have the longest to grow.

How much do I need to save each month for a £1m pension?

To reach £1m by 67 from age 46, you'd aim for about £1,850 a month in total contributions, versus the £240 auto-enrolment minimum on a median salary. A more generous employer scheme, salary sacrifice and pay rises help close that gap.

Is a £1m pension enough to retire on?

It depends on your spending and other income. A £1m pot plus the State Pension (about £11,502 a year from 67) might support a modest-to-comfortable retirement using the 4% guide. Use the free planner to test how long £1m would actually last at your target spending.

Are these numbers financial advice?

No. This is an illustrative worked example from a free planning tool using fixed assumptions (average pay, 5% real growth, pension access from 55). Your own pensions, employer, returns and career will change the result. Open the planner to run it with your real figures.