Retire on your terms
Retirement might be creeping up faster than expected but it’s never too late to check in on your pension and make a few smart decisions.
Whether you're dreaming of retiring early or considering staying in work a little longer, now is the time to review your savings, reassess your plans, and make any final adjustments.
Check your current position
Get an understanding of what you could get at retirement. Use the Benefit Calculator to explore the options you have when you take your benefits and savings and see how making changes or saving more could impact what you get. Don’t forget to include your State Pension forecast as well as any other pension pots you may have with other schemes.
Review your goals and think about what kind of lifestyle you want in retirement.
Will your expected income cover your needs and wants? The Retirement Living Standards are a great place to start, if you’re wondering how much expenditure you’ll need to achieve your desired lifestyle.
Consider any other savings, investments or property income alongside your pension.
Last-minute savings
If you’re still a few years away from retiring, making additional contributions or paying in a one-off lump sum into your pension could still make a difference. Use the Benefit Calculator to see how additional contributions or a one-off lump sum could affect your Investment Builder pot when you come to retire.
Things to check before you decide
- Understand the tax impact if you want to retire early: Accessing part of your pension while still working can affect your tax and contribution limits.
- Visit the guidance and financial advice page to check out ways you can get help and support to understand your options when taking any DC savings and more.
- Check your Target Retirement Age (TRA) and update it, if your plans have changed.
- Keep reviewing: Your plans might change again so staying flexible is key.
Whatever stage you’re at with retirement planning, it’s worth taking a little time now to make sure your pension savings are on track – whether that means saving more, adjusting your expectations, or choosing to work a little longer. A few well-informed decisions today can lead to a more comfortable and confident retirement.
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