How do I know if I should save more?
To help you decide if you should start saving more for your retirement, you need to review your finances:
There are a number of other things you can do if you want to start planning for your retirement now:
- If you are already a member of an occupational pension scheme, your employer or pension provider may send you a statement every year that shows how much pension you can expect to receive from the scheme when you retire. If you haven't received one, you can ask your employer or pension provider to send you one
- If you are currently employed and are a member of an occupational
pension scheme, it may be worth finding out if your employer can give
you a combined pension forecast – that is, a pension forecast
that shows details of both your State Pension and company pension together
Find out more about combined pension forecasts - If you are already a member of a personal pension scheme, your pension provider will send you a statement every year that includes an individual pension forecast for the scheme you belong to. This will tell you how much you may be entitled to when you retire
- If you think you are a member of one or more old company or personal
pension schemes that you do not know the full details of, the Pension
Tracing Service may be able to help you find them
Find out more about the Pension Tracing Service
If you don’t think you will have enough money to support yourself when you retire, think about whether you can afford to save more by increasing your contributions to an existing pension, getting an extra pension, or investigating other savings options
Get a State Pension forecast online
See if you can get an online State Pension forecast. This will tell you how much basic State Pension and additional State Pension you may get when you reach State Pension age.
