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. Remember though, that the value of your pension pot could go down as well as up and you may get back less than has been invested. There's no guarantee that you'll be better off after a delay. You should also check to see if your pension offers valuable guarantees or benefits that might be lost if you don't retire at your originally selected date.

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. You should bear in mind this could be a complex decision and you need to consider the charges, fund range and any valuable benefits that could be lost. The value of your investments can go down as well as up and you may get back less than has been paid in. We always recommend you obtain advice for which a fee will be charged.

We have a range of investments that may appeal to you.

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.

Worried about debt?

If you're struggling to manage your money, take a look at how we could help.

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Pension Wise has been set up by the government and offers free and impartial guidance for people retiring with defined contribution pensions. It will help you understand what your choices are and how they work.

You'll be able to get help on the Pension Wise website, over the phone or face to face.

If you are approaching retirement we recommend you get guidance or advice to help you understand your options.

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There’s a lot to think about when planning your retirement. Take a look at our

Frequently Asked Questions.

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