Here are the expert tips you need to ensure you enjoy a comfortable retirement

New research from Standard Life reveals that one in four (24%) people aged 55 and over have never checked their pension, highlighting how a worrying number of people fast approaching retirement age have not engaged with their finances.

Standard’s Life research also finds that many people are not checking their pension pot due to a lack of awareness and knowledge. More than one in ten (12%) don’t know how to check their pension, and another 12% feel they wouldn’t understand it.

So what are the simple steps you need to take to ensure that YOU remain on track for your retirement plans?

Mike Ambery, Retirement Savings Director at Standard Life has these top tips:

• How do I check how much is currently in my pot?

You should receive an annual statement from any workplace and personal pensions – this will be sent to you by your provider. If you don’t receive a statement, then you can ask for one. Make sure your provider has the right contact details for you so that you are able to receive relevant information.You can often also access your pension details online, if you’ve set up an account, or through your provider’s app.

• How can I see what my pension pot might be worth in retirement?

Your annual statements will provide an estimate of your future pot value, and the regular retirement income your pension is on track to generate. This is based on you using your pension pot to buy a guaranteed income for life (known as an annuity), although there are other ways to access your savings.

• How do I check what I’m contributing to my pension, and can I make top-up payments?

You can check what you contribute to any personal, workplace or self-employed pensions through your pension statement. You can also make any additional payments into your pension at any time you like. To top up your private or workplace pension, you can usually make both regular contributions and one-off lump sum payments.

• Can I find out how much my current pension pot might be worth in future?

If you save money into a pension plan, it’s worth knowing if your savings are on track to help you afford your ideal lifestyle after you stop working. Many providers offer pension calculators that can help you decide if your current pension payments will be enough to fund your retirement lifestyle. It can also help you see if you need to start saving more.

Mike Ambery concludes: “You should aim to review how much is in your pot at least once a year to give you a better idea of how to plan, whether that’s deciding if you should increase your pension contributions or change the type of investments in your plan.

“For those who are getting closer to retirement age, staying on top of what’s in your pot may also help you decide how long you’ll need to continue working, whether to consider a phased approach to retirement and the type of retirement you’ll be able to afford.”

How can your RetireEasy LifePlan help YOU in ‘25?

A new year, a new you… and an excellent opportunity to make sure that YOUR pensions and savings are still on track to ensure a comfortable retirement.

By going into your plan and updating the data and your assumptions on inflation, savings returns, asset capital growth and other variables, you can ensure that you won’t be left with any nasty surprises closer to retirement, and that you can make any adjustments well in time.

You can also run different scenarios to check out what would happen to your projections if (for example) you decide to delay your retirement, downsize in the future, make gifts to family members to reduce your IHT liabilities or take that long-planned holiday of a lifetime!

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