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Review my retirement age

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 52% of people we surveyed*, you may be planning to work at least part time in retirement. 

*Fidelity Global Retirement Survey 2019

When you retire matters

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 option as many plans reduce the risk of underlying investments 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 taking lower risk. Or if you retire earlier than the date you’ve selected, your pension pot could be invested in higher risk assets. 

 

Give your money time to grow

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.

Making your savings last

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

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. 

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. 

See if you are on track

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. Remeber tools will only give an indication and cannot be relied upon. 

*Fidelity International's Retirement Savings Guidelines white paper. November 2018

Want to check your retirement age?

Login to PlanViewer to check and update your retirement age.

Want to learn more about maximising your contributions?

See how to boost your workplace pension savings with a few small steps.

About the Fidelity Global Retirement Survey

The survey population consisted of respondents with the following qualifying conditions: individuals aged 20-75 years old; working full-time or part-time or have spouse working full-time or part-time; not retired;  expecting to retire someday; with or without retirement savings; the main financial decision maker or equal joint main financial decision maker in the household; a minimum household income of United States: $20,000 annually;  United Kingdom: £10,000 annually; Germany: €20,000 annually; Hong Kong: HK$15,000 monthly; Japan: ¥3,000,000 annually; Canada: CA$10,000 annually.

The research and analysis were completed for the United Kingdom, United States, Canada, Germany, Hong Kong and Japan. Data collection was completed in partnership with Ipsos, a global market and opinion research specialist, who collected and collated data for each region in September 2019.

About Fidelity’s Global Retirement Savings Guidelines

The  Fidelity Retirement Saving Guidelines, released globally in November 2018, provided a set of general retirement saving/spending guidelines (rules of thumb) for required savings rate, age-based savings milestones, required income replacement, and possible sustainable withdrawal rates.

The Fidelity Retirement Savings Guidelines refer to personal and workplace savings amounts only and exclude any state/government pension support. To generate the guidelines the framework makes simplifying assumptions about a variety of factors, including retirement age, retirement horizon, wage growth, investment returns, and asset allocation. The base case used to generate the guidelines assumes a hypothetical 25-year-old with no current savings, and no private defined benefit (DB) pension income or other private lifetime income sources. All calculations and outputs are expressed in pre-tax terms. Along the way, and particularly as people get closer to retirement, it’s always a good idea to work with a financial advisor to create a retirement income plan based on your specific income needs and personal circumstances.

The 4 key metrics are calculated based on a base case with a set of region-specific assumption and they are for reference only.

  • Yearly savings rate: The suggested annual rate of (pre-tax) savings over a full working lifetime.
  • Savings milestones: Age-based savings targets expressed as multiples of current income.
  • Income replacement rate: The percentage of pre-retirement income that an individual/household should target to replace annually from their personal savings (including workplace savings) in retirement in order to maintain pre-retirement lifestyle.
  • Possible sustainable withdrawal rate: The real (inflation-adjusted), annual withdrawal amount expressed as a percentage of the initial (at retirement) asset balance.

For more information on the Fidelity Global Retirement Savings Guidelines please see the  Whitepaper.