Thinking about retirement?
From workplace pensions to personal plans and state pensions, with so many options to consider it's no wonder many of us don't like thinking about how we'll pay for our retirement. We want to remove the confusion and help make sure you know the differences between your options.
Types of pensions
Here's a brief overview of three main options available to help you start planning.
Planning for retirement
It’s never too early to start saving for your retirement. We may need to save more because generally people are living longer. But because there’s always something more urgent to pay or save for, it’s something that many of us rarely think about.
Read about our key points to consider when planning your retirement below.
4 key things to consider when planning for retirement
Why save for retirement?
Put simply, a State Pension may not be enough for you to live on in your later years. How much your State Pension is worth could depend on how many years’ National Insurance Contributions you pay while you’re working along with other criteria. You can find more details on gov.uk.
When am I going to retire?
If you keep working until you’re 65, you could expect that you’ll need to live off your pension for at least 20 to 30 years. You don’t have to retire when you are 65 and your employer can’t make you. Your retirement age is different – it could be different to the age you become eligible for state pension.
Is the age you'd like to retire realistic?Work out your state pension age using the gov.uk calculator.
How much will I need?
Work out how much you’ll need to live on once you’ve stopped working, factor in extras like bigger energy bills, healthcare and even holidays. You might not need to include things like mortgage repayments and travelling to and from work. Once you’ve done that, take a look at all the pensions you currently have.
Are you saving enough or should you be putting aside more?
How do I start saving?
Whether it be an ISA, private or workplace pension, or even investing in property, the earlier you can start saving, the more time it could help your money to grow. Leaving things until later may mean that the amount you’ll need to save is unaffordable.
Future planning made easier
For Premier customers, an important part of your Premier Banking Manager's role is to give you access to a range of financial experts.
They include specialist Wealth Managers who can review your present situation, take into account future financial goals and prepare a personalised set of recommendations to suit your investment needs.
Available to UK residents aged 18 or over (except those acting as trustees) who subscribe to the ufirst Private or Private Current Account. Monthly fee account applies.
The value of investments can fall as well as rise, and you may not get back the full amount you invest.