Will my retirement savings be enough?

If you think you may not have enough, don't panic…

You may want to think about paying more into your retirement savings plan – if you can afford to.

Pay more

The more you pay in to your retirement savings plan, the greater chance you have of getting more back although this does depend on how your investments perform and if there are any charges – poor investment performance will reduce your fund, so your income could be lower later in life. And, if your employer pays in too, they might match any increased payments you make.

You can also add lump sums, like bonuses, to your retirement savings. You need to be aware that in certain circumstances, limits apply and there could be tax consequences – you can check this out on Gov.uk
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Do I have to take my money now?

The longer you can hold off taking your money, the longer you'll have to save.

When you do take your retirement savings, the value of your savings will depend on investment performance and any charges taken.

Let your pension company know if the retirement date on your plan is now different.

You could just leave your retirement savings invested. You can find out more about this in 'leave it for now'.

Any other savings you can rely on?

It's worth considering any other savings or investments, for example ISAs or property, you can use to supplement your retirement income.

Can I carry on working?

You may want, or need, to carry on working past your retirement age.

By carrying on working, you may still be able to pay into, or delay using your retirement savings.

Should I be getting advice?

Check with us for the facts about your Zurich retirement plan and the options available to you. We can't give you advice, so it may be worth talking to a financial adviser – bear in mind, you'll have to pay for the advice.

You can also get free, impartial, government backed guidance to help you make sense of your options with Pension Wise.
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Can I regularly review my investments?

If your retirement savings are still invested, you'll need to regularly review how your investments are performing.

You can pay a financial adviser to help you with this.

Any state benefits I can claim?

If you're entitled to state benefits, claim them. A lot of people don't, and miss out. Check out your rights at www.gov.uk/browse/benefits
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Pension wise

Free, impartial, government service

Pension wise
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How much money might I need?

Start building a picture of how much income you might need each month with our easy-to-use interactive calculator.

Use our tools

Get in touch

We're here and happy to help. Find out the different ways to get in touch.

Contact us