Know your projected balance
Ask for your latest statement and look at the balance, the contributions and the fund you are in. Then project it forward with an example rate. Most clients find it covers a third to a half of the income they picture.
Check your fund choice
Younger savers are often in a fund that is more cautious than they need, and older savers sometimes in one that is too bold. Matching the fund to your age and plans is a quick win.
Your pension is the foundation. The plan is the house you build on it.
Add voluntary contributions
You can usually add to your pension beyond the required contributions. For some people this is the most efficient extra saving. For others, a separate investment plan is more flexible.
Plan for the costs that rise faster
Health costs and support for family members tend to rise faster than general prices in retirement. Price them separately in the plan.
Decide how you will draw income
Retirement is not one day, it is twenty or thirty years. Plan how much you draw each year and keep two years of income in safer assets.
In short
- Know your projected balance
- Check your fund choice
- Add voluntary contributions
- Plan for the costs that rise faster
- Decide how you will draw income
General information, not personal advice. Example rates for illustration only. They are not promised returns: investments can fall as well as rise, and past performance is not a guide to the future.