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Other ways to boost your retirement income

If you think your retirement income could fall short of your expected outgoings, there are plenty of ways you can boost your income.

Increase regular savings

Adding to your regular pension savings by even a small amount can add up over the years until your retirement. Next time you get a wage rise it could pay to put some aside for your retirement.

Meet Dean…

Dean is 45 and wants to retire at 65.

At the moment he’s saving £30 a month into his pension pot. He needs to generate more income and thinks he can increase his regular savings by up to £20 a month.

If he increases his contributions from £30 to £50 a month, he’ll pay in an additional £4,800 but get back £8,220.

Monthly savings


Annual investment return

Pension pot at retirement


20 years




20 years




20 years




20 years



Note: These figures are just an example. Actual investment returns will fluctuate and may go down. The past performance of investments doesn’t guarantee or act as a guide to future performance.

If Dean increases his pension contributions, he’ll also receive more tax back from the government, which will be added to his pension pot. And if he pays in to an employer scheme, his employer may contribute more as well.

Estimate your pension pot with This is Money’s pension calculator »

Add lump sums

You can also add lump sums to your pension pot to boost your retirement income.

For example, if you receive an inheritance or win the lottery and decide to put £2,000 in your pension pot, after 20 years, growing at 5% a year, it will be worth £5,425 – more than double.

Note: These figures are just an example. The past performance of investments doesn’t guarantee or act as a guide to future performance.

Retire later

You no longer have to retire when your employer tells you to, or even when you start taking your State Pension.

So, if you think you can’t afford to retire, you don’t have to. You can continue working full-time or part-time and carry on contributing to a pension pot while you’re working to create more income for when you stop working completely. The longer you defer taking your pension, the more time it has to potentially grow and the more income it should generate when you need it.

You can also defer taking your State Pension.

If you decide to retire later, please let us know – you can change your retirement date in your Online Account.

Use other savings

Income for your retirement doesn’t have to just come from your pensions.

If you have bank or building society savings, ISAs, premium bonds, investments or an inheritance, you can use them to top up your retirement income.

Generate an income elsewhere

If your pension income falls short, there are numerous ways to generate an income elsewhere.

For example…

Part-time work
If you own your home, rent out a room or even your driveway
Make money from a hobby
Set up your own business
Downsize your home
Move to a cheaper area

Of course all these options will have their pros and cons.

Bear in mind the tax implications of generating extra income and how much it costs to set up a business or move home. And if you move, always let your pension provider know your new address.

Combine your pensions

If you have several pension pots with different providers, it may be a good idea to combine them in one pot. This will make it easier to keep track of your overall savings and estimated income at retirement. It also makes sense if you’re paying high fund charges with one provider when you could get the same choice and service from another provider who charges less.

Before you transfer though, check what type of pension you have. Final salary schemes, or defined benefit schemes are usually best left where they are as your retirement income is pre-agreed. Transferring these types of schemes will mean you lose this certainty.

Other schemes, such as defined contribution schemes can be transferred. Some schemes charge you to transfer, so check first if this is the case and if it’s still worth your while.

Interested in transferring your pensions to The People’s Pension?

If you want to transfer your pensions to The People’s Pension, we’ll do all the work for you.

Transfer your other pensions »

Next: How will you take your pension savings?