Create an action plan and see if you're on track. Here are some things to consider:
How much have you already saved? If you're a Legal & General customer log in or register for Manage Your Account to see how your pension is doing. You can also see where your money is invested to make sure it's working hard for you.
If you already have other pension plans contact your pension provider to get an up to date value for your pension pot. It's worth keeping a close eye on the value of your pot as the value of pension investments can go down as well as up.
How much can you afford to pay in? Consider what your expenses are at the moment and figure out how much you can afford to save into your pension.
How much will your employer contribute? Find out from your employer how much they will normally contribute to your pension plan.
When do you want to retire? The age at which you plan to retire may affect how much you need to be saving today. The earlier you plan to give up work the more you'll typically have to save to help cover the cost of a longer retirement. It's worth considering that the more you save, the more tax relief you'll receive. Also, the earlier you start saving, the more time there is for your pot to grow but it could go down in value too.
When do you want to retire? The age at which you plan to retire may affect how much you need to be saving today. The earlier you plan to give up work the more you'll typically have to save to help cover the cost of a longer retirement. It's worth considering that the more you save, the more tax relief you'll receive. Also, the earlier you start saving, the more time there is for your pot to grow.
Get an idea of the kind of income you might have available when you retire. You can use our interactive Retirement planning tool to see how much you may have available at retirement based on your current contribution levels and expected retirement date. Try varying the contribution levels and your planned retirement date to see how it could affect how much you could get.
For a more personalised action plan you may wish to speak to a financial adviser. Please note that financial advisers usually charge a fee for their services. Visit Unbiased to find an adviser near you.
If you're nearing retirement, you'll have a number of options open to you. To help you with your retirement planning, we've outlined a number of things you might want to think about now. Learn more about approaching retirement.