How much you've saved
A pension will play a key role in you being able to live the life you want in retirement.
Before you reach the point when you’re ready to stop working, or work less, you’ll need to know how much you’ve been saving up over the years. Now is a good time to do a reality check to see if you’re on track for the kind of income you think you’ll need.
The savings you’ll have could be made up of:
Savings in this pension pot and SAUL pension based on your salary if you’re a member for more than three years
+ Other pensions, maybe from previous employers
+ The State Pension
+ Other savings you’ve earmarked for retirement e.g. shares, ISAs, property
= Your total savings for retirement
Take some time to look at all your savings and work out how much you have. This might seem daunting, but you’ll be glad once you’ve done it!
Hopefully everything is on track, but if not there is still time to make some adjustments. You could do this by reviewing your investment choice and checking that the date you plan to retire is still right for you.
