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.