Are you on track?

PUT YOUR SAVINGS INTO ACTION

Whatever your current circumstances, there are ways for you to save for your retirement by prioritising effectively. You can take small steps to work out where you are now, where you want to be in the future and how you can save for your retirement, without affecting what’s important for you right now.

KICK START YOUR SAVINGS

Create an action plan and see if you’re on track. Here are some things to consider:

• How much have you already saved? Log in to Manage Your Account to check how your pension is doing. You can also see where your money is invested to make sure it’s working hard for you.
• How much can you afford to pay in regularly? Consider what your expenses are at the moment and figure out how much you can afford to save into your pension. Read our Lifestages guide (PDF: 5545KB) for more information on planning for your future.
• How much will your employer contribute? Your employer may contribute to your pension plan. Speak to them directly if you’re unsure or visit your scheme website to see what’s available to you.
• When do you want to retire? The age you plan to retire may affect how much you need to be saving today. If you plan to retire early, then you may need to save more. It’s worth considering that the more you save, the more tax relief you’ll receive. And the sooner you save, the more time there is for your pot to grow.
• Find out what kind of income you might have when you retire, based on your current savings level using our Retirement Planner .

For a more personalised action plan you may wish to seek financial advice. Visit unbiased.co.uk to find an adviser near you.

If you’re nearing retirement, you’ll have a number of options open to you.  To help you with your planning, we’ve outlined a number of things you might want to think about now.