When does life truly ‘begin’?
Some say it’s 40, some say it’s when the kids leave home. Others say it’s only after a cup of coffee in the morning…
Yet for some people working a 9-5*, life – or at least how they might picture it – may only begin when they retire. Giving your pension some attention now can help you to think about how and when your ‘life’ might begin.
This year we’re proud to be supporting the Pay Your Pension Some Attention Face Forward campaign, encouraging you to think about your pension and the type of retirement you’d like to save for.
Here are three easy steps to get you started.
*Other working hours and patterns are applicable!
1. Find out if you have any lost pension pot savings
Think about all the jobs you’ve had in the past and whether or not you had a pension with them. Go through your old paperwork to find the names of your old pension providers and get in touch to find out about your savings! You can also contact your old company directly or use the government’s free Pension Tracing Service.
2. Log in to your pension accounts and check your details and your savings
If you’re currently saving into a workplace pension, log-in today and make sure all your details (including who you’d like to leave your money to, should you pass away) are up to date and how much of your salary you’re putting aside each year. Check how much your employer is paying in too, so you can understand how much you’re saving in total. This will give you an idea of how much you have now and how much you’ll get when you retire. If you’re able, you can always look to save more.
3. Picture your future self and how much you’ll need in retirement
Everyone will picture their retirement differently. Think about what type of lifestyle you’d like to enjoy and how much you might need to fund it. The Pensions and Lifetime Savings Association (PLSA)’s Retirement Living Standards is a good guide, with three different ‘levels’ of retirement imagined, and how much each one might cost.
Follow these easy steps and your ‘life’ might begin sooner than you think. But only after your first cup of coffee…
