Will you have enough retirement income?
Once you’ve worked out how much you’ll need to live on when you retire, you can work out how to generate that income.
Retirement income can come from many sources
Your pension pot with us
To find out how much your pension pot is worth just log in to your Online Account.
State Pension
Don’t forget to take your State Pension into account when you’re working out your total income.
If you reach your State Pension age on or after 6 April 2016, you may be eligible for the new State Pension.
Other pension pots
If you’ve worked for other employers or been self-employed, you may have other pension pots.
It’s well worth tracing old pension pots from previous employers as they can all contribute to your retirement income. If you’re not sure how to find these pensions, you can use a free pension tracing service.
Other savings
You may have bank or building society savings, ISAs, premium bonds, investments or an inheritance that you can use to top up your retirement income.
If you think you have lost track of any savings, you can get help to trace them.
Trace your lost accounts and savings »
State benefits
When you get closer to retirement, you’re also eligible for other benefits such as a free bus pass, free NHS prescriptions and eye tests. Depending on your age, you may also qualify for winter fuel payments.
If your retirement income is very low, you may be able to claim pension credit.
This can also give you access to other benefits such as housing benefit and a reduction in council tax.
Other income
If you plan to continue working full-time or part-time after you can claim your pension, this will contribute to your retirement income. And if you have additional income from a rental property or holiday home, this will all be counted as income. You’ll need to consider how your total earned income, rental income and pension income could affect your tax bracket as you could find yourself paying more.
Review your pensions
Try to review your pensions regularly, especially if your circumstances change.
If you get a pay rise, you may find you can afford to contribute more.
If you get married or enter a civil partnership (or get divorced/dissolve a civil partnership), you may need to factor in how this will affect your retirement
Not enough income? Don’t despair. There are other ways to boost your retirement income.
Watch out: Pension scams »
If you’re offered early access to your pension or a transfer to a scheme that seems too good to be true, chances are, it is.
Read about pension scams »