Archive

Pensions Week: Step 6 – Check if You’ll Have Enough To Retire

Have a question or a comment?

Leave it in the comments section at the bottom of this article.

Pensions Week: Step 6 – Check if You’ll Have Enough To Retire

Whether retirement is a long way off, or just around the corner, it’s vital to check whether you’ll have enough money to last your retirement years.

This helps you check whether your pension fund is on track to help you experience a comfortable retirement.

It also allows you to make adjustments to your pension strategy if you’re not on track.

The following 3 actions can help:

1. Estimate how much you’ll need for retirement

Knowing roughly what you’ll need to be able to afford what you need in retirement is important because it gives you an end goal to work towards.

It might also influence the investment strategy you use to build a pension pot that meets the target.

The table below shows how much you’ll need for different types of retirement, based on estimates from Pensions UK:

 

2. Once you have a figure in mind, check whether your retirement pot is on track using our free pension calculator.

You’ll need to supply a few details such as your current pension value, your monthly contributions and when you’re likely to retire.

3. Consider financial advice

Pensions can be tricky and there’s no one-size-fits-all solution.

Speaking with a qualified expert could help you make the right decision with your pension pot.

There may be a cost associated with getting advice, so be sure to check before confirming your consultation.

Once you’ve done this, move on to step 7: consider your options.

This content is for educational purposes only and does not constitute personal financial advice. Always consider your own circumstances before making changes to your pension, and seek regulated advice if unsure.

Clare West
Clare West Finance Editor

As a finance writer and editor, I can’t make decisions for you because only you know what’s right for you, and your personal priorities and goals. My role is to understand the things that are going to be important to you, remove anything that could work as a barrier to understanding, and then ensure you don’t miss a thing.

It’s an approach that has won me awards from professional bodies (‘Website of the Year’ at the Professional Adviser Awards 2021; Finalist – ‘Start Up of the Year’ at the UK FinTech Awards 2025) and seen me featured in the press as a commentator and expert.

Finances are about so much more than numbers on a page. Achieving your financial goals allows you to feel peace of mind, have confidence in your future, and achieve the things that matter to you. Financial wellbeing allows for life goal fulfilment.

I’ve spent more than a decade specialising in writing about financial services, so I know that in financial services, trust is absolutely vital. I am delighted, therefore, that everything we do at Investing Insiders centres around trust. Our mission is to write honest reviews based on our personal opinions and professional insights. We are not swayed in our opinions by incentives or influences from providers. Where we have a relationship with a provider that could affect our neutrality, we will let you know. But we are clear; whatever relationship we have with providers, our reader comes first. Simply put, we can’t be paid to change our opinion. My obligation is to you, the saver or investor, looking to build your wealth and protect your future.

Live News
Get breaking news in your inbox

Be the first to know when we publish new financial news.

Comments

0 comments

No comments yet. Be the first to share your thoughts!

What kind of investor are you?

Not sure what kind of investor you are? Take our quiz and find out!
compare-icon
Platform's selected