I can't afford to retire

Try not to worry too much if you don't think you have enough in your pension fund to be able to retire. There are some things you can do that may be able to improve the situation.

Track down all your pension funds

Make sure that you take into account all of your pension funds. If you've moved jobs a lot, you may have several.

If you're not sure how to track them down, get in touch with the government's Pension Tracing Service.

They'll be able to help you trace both company and personal pension plans that belong to you.

Read more about multiple pension plans.

Delay your retirement

You can choose to continue working or reduce your hours if you really don't think you can afford to retire at the moment. The longer you work, the more you can pay into your pension fund and every penny could make a difference when you do eventually retire.

Find out what you're entitled to

You'll probably be entitled to a state pension and possibly some extra benefits. You will have to sign up for these as you won't receive them automatically. You may also qualify for some welfare benefits such as the winter fuel allowance.

Find out just what benefits you're entitled to at www.gov.uk.

Check how much you could get from your pension fund

You should check how much income you could get from your pension fund. Our Pension Annuity Calculator will do that for you.

Pension Annuity Calculator

Review your savings and investments

It's worth checking on the performance of your investments and the interest rate you're receiving on your savings. You may find that you can do better by moving them elsewhere.

We have a range of savings and investments that may appeal to you. We'd recommend that you talk to a financial adviser about your options.

Use your home to help fund your retirement

It's likely that you are living in your most valuable asset. There are ways that you can use your home to help fund your retirement. Let us tell you how.

What if I only have a small pension fund?

If you only have a small pension fund, you may be able to take it as a lump sum. This is known as the triviality option.

Back to top