We suggest that you consider the following:
If your affordability allows, increasing your current monthly contributions could enable you to increase your projected income in retirement within your target timeframe.
You could dramatically increase your quality of life in retirement and do more of the things that you enjoy the most! Our Retirement Planning Advisers can help you establish how much more you can afford to save at present and what level of income that could generate.
If your retirement savings are comfortably on track, then you may want to consider putting any additional surplus savings capacity towards an alternative goal such as a property or major asset purchase, future leisure travel, a child’s future education expenses, or some other future requirement.
Speak to our advisers to explore your options and understand how to maximise your capacity to save and invest.
If your affordability allows, increasing your current monthly contributions could enable you to reach your projected income in retirement sooner than your current target timeframe. You could consider retiring earlier than expected and do more of the things that you enjoy the most!
Our Advisers can help you establish how much more you can afford to save at present and what that could mean for your retirement aspirations.
What you'll get as your eventual pension pot and income can depend on your future contributions, the returns you get from your investments, tax relief on your contributions, the rate of inflation and interest rates when you retire, and any change in tax and pension rules set by HMRC or other regulatory bodies.
Remember, our pension calculator is a guide only (the figures shown are before tax, and aren't a guarantee you'll get that amount) and it isn't personal advice based on your personal financial circumstances. We haven't built in annual allowance or lifetime allowance figures set by HMRC, so please bear this in mind.
We recommend that you seek personal advice that's right for you, and we are available to you for consultation on such matters should you wish to seek our assistance.
As with all investing, there's a risk that the value you invest may fall and you may get less back than you've invested.
We suggest that you consider the following:
Increasing your current monthly contributions could enable you to close the gap between your current projected income and your target income level within your target timeframe.
Our Retirement Planning Advisers can help you establish how much more you would need to save to hit your goal, and what you can afford to save at present. We can then recommend the best strategy for the placement of these savings based on your circumstances.
As an alternative to saving and investment more towards your retirement, you could consider retiring at an older age than your current target age. This may be undesireable, but would allow more time for your to continue your existing contribution level, and to allow your retirement pot to grow.
A further alternative could be to lower your expectations with respect to your income in retirement. This will inevitably require you to make compromises on your desired lifestyle in retirement and perhaps do less of the things that you enjoy the most, but lowering your goal would make your target retirement age more achievable based on your current position.
Your pension figures
What you'll get as your eventual pension pot and income can depend on your future contributions, the returns you get from your investments, tax relief on your contributions, the rate of inflation and interest rates when you retire, and any change in tax and pension rules set by HMRC or other regulatory bodies.
Remember, our pension calculator is a guide only (the figures shown are before tax, and aren't a guarantee you'll get that amount) and it isn't personal advice based on your personal financial circumstances. We haven't built in annual allowance or lifetime allowance figures set by HMRC, so please bear this in mind.
We recommend that you seek personal advice that's right for you, and we are available to you for consultation on such matters should you wish to seek our assistance.
As with all investing, there's a risk that the value you invest may fall and you may get less back than you've invested.