myPlan shows you how big your retirement 'pot' may need to be and how close you could be to achieving your goal.
Are you approaching retirement?
You may think you have your retirement planned, but could a pension shortfall catch you out? Research by the Fidelity Retirement Institute showed that people in the UK are on track to replace just 42% of their final earnings on retirement.
Find out if your finances and investments are on track for the retirement you want by using myPlan - our educational calculator, and then explore the options for boosting your savings.
Know your number - can you boost your savings?
- If you invest in non-pension savings, you can use these to supplement your pension savings – and still access your money if you need to.
- Ensure you have the right mix of investments, which could help your savings outpace inflation.
- If you are approaching retirement you will generally be able to take up to 25% of your pension fund as a tax-free lump sum. You could use it to supplement your retirement income by reinvesting in a flexible investment.
However near you are to retirement, it's not too late to improve your finances. Use myPlan to check if your finances are on track, and myPlan - in retirement to see how well the retirement fund you have already accumulated may last. Once you have the results you can look at your next options.
