You're ready to think about using the money in your Lifestyle Account. Now is the time for a health check to make sure you have enough to be able to enjoy the lifestyle you've been planning for.
Your savings are likely to be made up of a combination of the below:
|Savings in the Lifestyle Account||+ Savings in other pension accounts maybe from previous employers||+ The state pension||+ Other savings you've earmarked for retirement e.g. shares, ISAs, property||= Your total savings for retirement|
The state pension
Most people will be entitled to a state pension. It's definitely an important part of planning and budgeting for your retirement, you can find out more about how it works on the state pension page.
How much you've saved
Our Retirement Planner which can be accessed through Manage Your Account can help show you what all of this means for you and will let you experiment with your options. It will also give you an idea of what kind of income you can expect and how long it will last.
Hopefully everything is on track, but if not you might want to consider phasing your retirement or whether your Target Retirement Age is still right for you.
Find out more about the state pension, where you can go for more information and how much you might get when you reach your state pension age.
Our planning tools can help you manage your savings and create a future that’s right for you.
You may realise that you’re not ready to retire yet. Find out what to do if your retirement plans change.