06 May 2016

A short video guide to help plan for your retirement

If you’re starting to plan for your retirement our video will help you to understand where to start. It covers the implications of deferring your state pension and also tips on how to supplement your income once you are no longer working. For more information take a look at our planning for retirement guide.

Helping you to plan for your retirement

Play video - Helping you to plan for your retirementCartoon squirrel sat on a tree branch

Everybody wants enough money to enjoy their retirement…

…so it pays to have a plan in place to make sure everything’s on-track.

A great place to begin…

…is the Government’s pension website.

It tells you the date you’ll be able to claim a state pension from…

…and you can also find out how much you might receive each week.

Yet while this income will almost certainly be pretty handy…

…you might find it’s not quite enough to fund the lifestyle you have in mind.

That’s why many people set money aside each month in a pension scheme.

If you’re employed, you may already have a pension scheme in place set up by your employer.

And if you’ve worked for a number of different companies over the years…

…you could even have a few different pension pots out there that you’ve lost track of.

If so, the Government’s pension tracing service can help you find them.

But just how big does your pension pot need to be?

Well, it all depends on what your aspirations are for retirement…

…and what you want to do with all that lovely time off.

To help you see what your pension could be worth, most pension schemes issue a yearly statement…

…showing your pension figure or your potential fund value and what income that could produce in years to come.

And if it turns out you haven’t got enough money tucked away, don’t despair.

There are some steps you can take to get back on-track.

Your employer or pension provider may offer options on how you could increase your pension pot – say by increasing your monthly contributions or allowing you to make a lump sum payment every now and then.

Another option could be to delay your retirement, and just carry on working even if it’s only part time.

You could even defer your state pension…

…which will increase its value by 1% every nine weeks you don’t claim it, for which works out at just under 5.8% for every full year you delay.

Of course, in the years leading up to retirement, you could always try saving more…

…either into a private pension, an ISA or other savings account and investments.

So, when it’s time to retire…

…you can enjoy every single minute of it.

If you are new to investing then our investments guide can help answer any questions you may have.

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