GuidesRetirement gap check
Two numbers decide everything: when you want to stop, and when the savings say you can
Is Your Retirement Savings on Track? The Gap Check
Retirement planning reduces to a comparison most households have never made: the age the savings project to, versus the age the household wants. When the projected age lands after the target, the difference is the retirement gap.
The gap has a price — the extra monthly contribution that would close it. Sometimes that number is manageable. Sometimes it exceeds what contributions alone can do, and that case deserves different thinking.
The projection, in plain terms
Start with the pension balance today and the monthly contribution going in. Extend both forward at a reasonable growth assumption to the target retirement age. If the projected pot falls short of what the household would need to retire at that age, the projection pushes retirement later — the projected age rises until the numbers close.
The useful figure is usually not the pot itself but the monthly contribution change that would bring the projected age back to the target. An extra £150 a month is actionable information; a vague sense of being behind is not.
When contributions alone are not enough
If closing the gap by the target age would require a monthly contribution larger than the household can reasonably carry, the honest answer is that contributions are not the only lever. Retirement date, expected spending, and other assets all move the projection too.
A household near retirement age with a large gap faces a different problem than a household in its thirties — the projection model and the realistic levers differ, which is why a single rule of thumb misleads.
Starting from zero
No retirement savings listed at all is a common finding and the math is the same — the gap is just the whole target. Starting earlier gives contributions more years to compound; starting later increases the monthly amount needed for the same target.
How Keel checks this
Keel projects the retirement age from the pension balance, contribution rate, and target in a family's profile — then flags when the projection lands late, when the required contribution would exceed half of monthly income (the contributions-alone-are-not-enough case), and when no retirement savings are listed at all.
Common questions
How much should I be saving for retirement?
Enough that the projected balance supports your target age — the honest answer is a projection specific to your balance, contribution, and timeline. A qualified financial professional can model it for your situation.
What if the monthly contribution needed is more than I earn?
Then contributions alone are not the lever — the projection moves with retirement timing, expected spending, and other assets too. This case is worth a conversation with a financial advisor rather than a single-product fix.
Is it too late to start in my forties or fifties?
Not too late, but the monthly amount required rises steeply with each deferred year — which is exactly why knowing the projected-versus-target number early is valuable.
Are these projections guaranteed?
No. Projections are estimates built on assumptions about growth, contributions, and timing — they inform planning and are worth reviewing periodically with a qualified professional.
Put your family on the chart — free to start, no credit card — and see which of these areas look light for your household.
Start freeThis guide is general information, not financial advice. Product and provider choices are individual — a licensed professional can evaluate your household's situation.