Why planning today could help you retire your way

Pensions don’t have to be complicated. Taking control now can help you feel more financially secure in the future. Here are three steps to start planning for the retirement you want.

1. Check what you’ve got

Your retirement savings are likely to come from three sources:

• State Pension – use the government’s State Pension website to get a forecast of what you’re entitled to.
• Workplace pension – sign in to your pension provider’s account to check your balance. If you’re with Smart Pension, you can access up-to-date information and tools like our pension calculator to estimate your retirement income.
• Personal pensions, if you have one – these are less common, but still worth reviewing.

Tip: Use our life expectancy calculator to estimate how long your savings will need to last.

2. Find your old pensions

Many of us have had pensions with previous employers and moved house more than once. Therefore it’s no surprise there is over £30 billion in lost or forgotten UK pension savings in the UK. 

Having all your pension savings in one place can make life easier, although it’s important to check that you’re not giving up benefits from other pension providers before doing so.

Having a clear view of where all your pension savings are can:

• make planning simpler
• save you time, by giving you a single view of your pension savings
• cost less, as you could be paying one provider’s charges instead of several

Tip: With Smart Pension, you can easily get a single view of all your pensions, helping you understand what you have. You can choose to bring them together now or decide later – it's up to you. 

3. Plan for the future

Retirement might seem a long way off, but once you know where you stand you can start taking the steps you need to have the retirement you want. Follow these simple steps to get on track with saving for retirement:

• Adjust contributions – small increases can make a big difference over time, thanks to compounding.
• Make single contributions – boost savings when you can, taking advantage of government tax relief. 
• Review investments – check how your money is being invested and make sure you are comfortable with the risk level, or you can manage your investment funds yourself.

Tip: If you’re a Smart Pension member, it’s easy to see if your monthly pension contributions are on track to fund the retirement you’d like. Check by signing-in today. 

Are you aged 45–65?

If you’re in this age group, now is the perfect time to take stock of your future. The government’s Midlife MOT is a free online resource designed to help you assess your health, finances and career, giving you the tools to plan a well-rounded retirement.

With the Midlife MOT, you can:

• evaluate your skills and explore career goals
• plan your finances, including savings, budgeting, and managing debt
• maintain and improve your health with practical advice and resources

Take a holistic approach to retirement planning today. Visit the Midlife MOT website to get started.

Final thought

It’s never too late to start making a plan for your future, and getting started is easier than you might think – you could take control of your pension in just 20 minutes. Check out our other tools and calculators here.