Staying in control of your finances isn't always easy, but it's important to plan for your future and keep your pension savings on track for the retirement you want.
The Pensions and Lifetime Savings Association (PLSA) has produced 'Retirement Living Standards' - a useful guide to help you work out the income you might need to afford different lifestyles during your retirement years.
As a general rule, they suggest:
You can find out whether you’re on track to meet the RLS by logging in to your myRPS account and checking your Personal Retirement Account (PRA).
Once you’re logged in you can also use the retirement planner to experiment with your options.
For example it will show you how much your PRA could be worth when you retire.
And let you test out the different options for taking your money, such as annuity, drawdown and encashment, to see what impact they would have on your income.
Importantly, it can illustrate the impact on your pension pot and potential benefits at retirement if you make changes to your:
You can find out more about choosing the right options for you here
The State Pension age is gradually going up. See when you can start claiming your State Pension with the State Pension age calculator.
If you are aged 50 or over, request an estimate of your new State Pension.
Remember it's always a good idea to get independent advice for your long-term financial planning.
The Trustee has carefully chosen Liverpool Victoria (LV) to give members access to financial advice. LV can be contacted on 0800 023 4187.
You are still free to choose your own Independent Financial Adviser (IFA). You can find an IFA in your area at unbiased.co.uk. For the best outcome, you should make sure it’s someone who specialises in retirement planning.
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