Creating a retirement plan

The income you receive is guaranteed to last as long as you live, though the weekly amount you get depends on several factors. Get a forecast from the Government.

For their current value, or estimates of what they might be worth, just speak to your pension plan providers. If you can’t find details of a scheme you had in an old job, the Pension Tracing Service can help.

These are plans you set up yourself, so to get their value, just speak to the pension provider that looks after them. If you think you may have lost track of a plan, try the gov.uk Find pension contact details.

Many people see their home as part of their retirement savings, for example downsizing and equity release. If you are considering this, make sure you take into account the costs of moving home and the implications if you want to leave something to your loved ones.

If this is part of your plan, make sure you are confident of its future value, and the right timing to sell it.

You might have ISAs, stocks and shares, premium bonds, bank accounts or other savings. Even if they’re not specifically ‘for retirement’, keep them in mind, so your plan is fully inclusive. 

It can be easier to manage your money if it’s all in one place.  Explore transferring your pension.

You could get tax relief from the government to boost your contributions and there’s time for it to grow (though no guarantee that it will).

You may be able to fill in gaps in your National Insurance record by making voluntary contributions, which would then boost your weekly payment from the Government.

If you hope your pension will grow further, or you intend to make further contributions, waiting to take your tax-free cash could help. As it is worth 25% of your pension’s total value, as long as this amount is not higher than the standard lump sum allowance, leaving it invested could help your pension grow if the underlying investments continue to do well.

A few extra years in work can make a huge difference to your retirement income.

The key point is to decide if you want to make your own choices or need a little help.

• If you’re going it alone, we can still offer you guidance to help you understand your options, the benefits and drawbacks of each and in setting up the option you choose. Explore your retirement options.
• If you want support, just get in touch with Fidelity's retirement service. Our team specialises in setting up retirement incomes and for a fee, will focus on developing a plan that suits your specific needs and challenges such as inflation, tax, longevity and making sure your money lasts. Find out more about our retirement service.