Retirement planning

These days people tend to live longer than previous generations. Your retirement should be something to look forward to – a chance to take up new hobbies, spend more time with family or friends or travel the world – not worry about how to make ends meet.

Sources of information

It’s never too early to start planning for your retirement. Scottish Widows, who are part of the same group as us, are pensions experts and have lots of information and handy tools on their website. Find out more

You can also find guidance on retirement planning and budgeting from the Money Advice Service website.

Things to consider

Investments could also help you to achieve your long-term goals, whether it's early retirement, a holiday home, or just making sure you'll have enough income when you retire.

As a starting point, it's worth thinking about:

  • How much income you would need in retirement and how your spending patterns might change once you retire.
  • Any existing workplace pension provisions you may have, how much you are likely to receive and how you could boost any future pension income. Your pension scheme administrator can help here.
  • Any other pension benefits you may receive including any personal pensions, potential state benefits or previous company schemes and when you may receive these.
  • Investing for the longer term in growth funds with a view to retirement, or into a Self-Invested Personal Pension.

Understand the risks

The value of an investment can fall as well as rise, and you may get back less than you invest. If you are not sure about investing, seek independent advice.

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