Will you have enough retirement income?
Once you’ve worked out how much you’ll need to live on when you retire, you can work out how to generate that income.
Retirement income can come from many sources
Don’t forget to take your State Pension into account when you’re working out your total income. If you reach your State Pension age on or after 6 April 2016, you may be eligible for the new State Pension.
If you’ve worked for other employers or been self-employed, you may have other pension pots.It’s well worth tracing old pension pots from previous employers as they can all contribute to your retirement income. If you’re not sure how to find these pensions, you can use a free pension tracing service.
You may have bank or building society savings, ISAs, premium bonds, investments or an inheritance that you can use to top up your retirement income.If you think you have lost track of any savings, you can get help to trace them.
When you get closer to retirement, you’re also eligible for other benefits such as a free bus pass, free NHS prescriptions and eye tests. Depending on your age, you may also qualify for winter fuel payments.
If your retirement income is very low, you may be able to claim pension credit. This can also give you access to other benefits such as housing benefit and a reduction in council tax.
Review your pensions
Try to review your pensions regularly, especially if your circumstances change. If you get a pay rise, you may find you can afford to contribute more. If you get married or divorced you may need to factor in how this will affect your retirement.
Check if your income will cover your outgoings
Our future budget calculator can help you to work out whether you’ll have enough income to cover your costs in retirement. You can input all your different sources of income and see what your future budget looks like. And if it looks like you won’t have enough, it’ll tell you how much extra you might want to save.