The sooner you find out if you’re on course, the better – as you’ll have more time to plan and work towards the retirement you’re hoping for.
When you retire, you’ll want a decent income to live off. After all, you’ll still want to do all the things you love now – and probably a few others too. So it’s a good idea to consider how big an income you’ll actually need.
To help you do this, try jotting down all the things you spend money on now. Take off any expenses you won’t have by the time you retire (any commuting expenses for instance). And add any new expenses you might have, such as extra holidays or hobbies.
Once you’ve got an idea of what sort of income you’ll want, the next step is to use our My Retirement Planner.
It tells you what sort of retirement income you might get based on what you’re paying into your pension now. And you can also see how changing your payments affects this figure.
Over the long-term, your pension plan will hopefully grow in value. However, as with any investment, its value can go down as well as up, so there’s a chance you may not get back the amount paid in.
If you don’t think you’ll have enough money when you retire, there are several things you can try to give your pension pot a boost.
Discover some simple ways to try to boost your pension pot.
If you have any questions please call us on
0800 145 5744
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If you’d like a hand deciding where to invest your money, a financial adviser could help.
For more information about getting financial advice, visit our financial advice page.