Retirement planning

The more time you allow to plan for your retirement the better, as there are some big decisions to consider. We’re here to help you as you create your own retirement plan to ensure you make the most of your pension.

To know whether you’ve saved enough to retire, it’s worth thinking about how much you’ll need to live on when you stop working. For example:

• You might spend less on some things (e.g. mortgage, commuting)
• You might spend more on other things (e.g. holidays, hobbies)

If you haven’t already set a target for your income in retirement, you can:

• Use Money Helper’s online budget planner to help you work out how much you might need
• Get an idea of how much you’d need for a minimum, moderate or comfortable lifestyle by going to retirementlivingstandards.org.uk

Will it be enough?

Once you have an idea of how much you’ll need, add together:

Compare this to how much you think you’ll need and work out whether you’re going to have enough.

If not, you might want to think about paying more in your current pension arrangement or into a personal pension.