Easy actions that can make a big difference
It’s a good idea to begin thinking about your pension and the steps you can take now that might have a positive impact in the future.
1. Set a retirement income target
Think about the level of income you’ll need when you’re no longer working. This will change every time you review your retirement planning, but it’s good to have an idea of what you might need.
3. Consider what you can pay in
The more you save, the more you'll potentially get back. Saving a small amounts on a regular basis (for instance, monthly) can potentially make a big difference in the longer term.
5. Understand your retirement choices
As you get closer to retirement, it’s good to have a basic understanding of the different ways you can take money out of your pension. This will help you to identify which retirement income choices could be right for you.
2. Decide if you should combine your pensions
If you have more than one pension, it can make sense to bring them all together. To get started, make a list of all the pension pots you have and if you’re not sure, speak to a financial adviser.
4. Review all of your investments
Understand where and how much of your money is invested and the level of risk you’re comfortable with. Your attitude to risk is likely to change over time, so it’s sensible to review this regularly; ideally at least yearly.