Review my retirement age
Your retirement age is set automatically when you start saving into your pension, but you should review this and select a date that is right for you. It’s also important to highlight that you can’t normally access your pension until the age of 55. This is due to rise to 57 on 6 April 2028.
Even if your retirement is some way off it’s worth thinking about when you'd like to retire, as your choice may affect your savings and investments. This is particularly important if you are invested in your pension plans' default investment option. This is because many plans have a strategy in place that aims to reduce the investment risk, by changing asset types as you get closer to your retirement age.
For example, if you select a retirement date but continue to work past it for a few more years your investments could potentially be growing more slowly due to moving into asset classes with lower growth potential. Or if you retire earlier than the date you’ve selected, your pension pot could be invested in higher risk assets. This approach aims to manage investment risk, but it doesn't eliminate it.
Log in to PlanViewer to make sure your selected retirement age reflects your current goals and plans.
Things to consider
Extra time for your money to grow
You may decide to work for longer, or ease into retirement by working part-time. Either way, you'll have more time to save which could make a difference to your pension pot when you retire.
Making your pension savings last
It’s important to regularly review your pension arrangements to make sure they’ll meet your future financial needs - including making sure your pension savings last for your whole retirement.
Focus on your long-term goals
Market volatility may be unnerving, but keep in mind it's a normal part of long-term investing - where the value of your investments can go down as well as up.
Next steps
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