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Learn how to review your retirement age in PlanViewer, and how the retirement age you choose can impact your workplace pension.
With more people choosing to work for longer, the timeline for retirement is becoming more flexible. Retirement these days also looks different for each of us. You may want to take a break from work for a few years before finding a new career to pursue. Or like 75% of people we surveyed, you may be thinking about working at least part time in retirement.
*Fidelity Global Retirement Survey, 2022
You might not be sure yet when you’d like to retire but even if your retirement is some way off, it’s worth giving it some thought as your choice will affect your savings and investments. This is particularly important if you are invested in the default investment option as 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 and continue to work 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.
Working for longer is a way to boost your income in retirement, as having more time to save can make a difference to your pension. Even another 2-3 years would give your savings more time to grow. But remember the value of pension savings can go down as well as up and you may get back less than you save.
Another reason your retirement age is so important is that it will determine how long your retirement will last. The earlier you retire, the longer your savings will need to last. And, the later you retire, the more time you spend earning a salary and potentially boosting your pension savings.
Check your retirement age in PlanViewer to make sure it reflects your current retirement goals and plans. Retirement age is set automatically when you start saving into your pension but you can choose 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.
In PlanViewer, go to ‘My profile’ at the top of your home page and select Personal information. Or go to ‘Quick links’ and choose Personal details. To update your retirement age, click on Edit next to ‘Date Selected for Retirement’ and on the next page you’ll be able to tell us the age at which you’re planning to retire.
Our Retirement Savings Guidelines give you some rules of thumb to help you see if you’re on track for retirement. Our research shows that households in the UK who save seven times their annual household income by the age of 68 should be able to retire without any material reduction in their standard of living.*
Use our rules of thumb to check if you are on track, you’ll see that when you retire can have a big impact on the amount you need to save, and your saving milestones along the way. If you feel that you are a little behind, be assured that it’s not too late to catch up, remember tools will only give an indication and cannot be relied upon.
*Fidelity International's Retirement Savings Guidelines white paper. November 2018
About the Fidelity Global Retirement Survey
The data collection, research and analysis in regard to global employees was completed in partnership with Opinium, a strategic insight agency. Data collection took place between August 2022 and September 2022.
Within the UK, Fidelity surveyed a representative sample of 1,000 individuals who were themselves or had a partner who was employed full or part-time. The participants were from a broad spectrum of ages (20-75), income levels (exceeding £10,000) and industries.
This information is for educational purposes only.
About Fidelity’s Global Retirement Savings Guidelines
You can find out more about the Fidelity Retirement Retirement Savings Guidelines by visiting this page.