How much pension will I get vs How much pension do I need?

untitled-1.png

This is the most important question you need to be asking about your retirement planning. To ignore the answer could have devastating consequences for you in later life!

As you approach your retirement you might have many questions that you are looking to be answered. It can seem daunting at first but a good place to start with your retirement planning is to have a look at what your income vs outgoings are likely to be in retirement.

This will involve:

Getting your State Pension Statement Obtaining an estimate on how much you could be entitled to from your workplace pension Adding up your savings and investments, including your pension and any other investment funds you may have Trace any lost pensions – don’t worry as you can use the Government-run Pension Tracing Service to help you with this

Add these up to get an estimate of your retirement income (how much pension will you get)

The next step is then to have a look at your outgoings and judge how these may change in retirement. For example, you will not have any commuting costs, but you might need more money to invest in hobbies to keep you occupied. If you’re going to be home more, you will need to consider that your heating bills will go up. Also, the cost of inflation will have an impact on your retirement funds.

Add these all up to get an estimate of your retirement outgoings (how much pension will you need)

If you then take the outgoings away from your income then you will be left with a figure. If this is a positive number, well done, your pension income will be more than you need. However, if the number has a minus in front of it, don’t panic because there are still things you can do.

Explore Options That Could Boost Your Pension

If you’re facing a pension shortfall then there could be options available to you that will offer a boost to your pension!

Some of these you can start to do straight away. For example, you could start increasing the amount you pay into your pension every month. Alternatively, you could delay or push back the date on which you start withdrawing your pension by working longer, allowing you to accrue more pension funds. You could perhaps even consider continuing to work part-time in retirement, an option that will provide additional income.

Here at True Bearing we recommend that you start your retirement planning as early as possible. The longer you save for your retirement, the longer your pension pot has the opportunity to grow. An Independent Financial Adviser can help you keep on track with your retirement planning.

Contact Us

To make a no-obligation first appointment with one of our qualified team, please call 01257 260011 or Contact Us

Enjoyed this? Read more from Amber River True Bearing

Latest news

1

Pendle play centre wins national award FUNDA LAND Award Win

Pendle play centre wins national award

18 Jun 2024

2

Rossendale business expo celebrates successful debut Rossendale Business Expo

Rossendale business expo celebrates successful debut

18 Jun 2024

3

Lancashire leaders named on King's birthday honours list Simply Doughnuts Export Award

Lancashire leaders named on King's birthday honours list

17 Jun 2024

4

PM+M's new charity programme seeks organisations to support Tara Maynard, Claire Astley & Helen Clayton.jpg.jpg

PM+M's new charity programme seeks organisations to support

18 Jun 2024

5

Hyndburn's vibrant culture celebrated at record-breaking event The Connecting Cultures event was the busiest to be hosted at Haworth Art Gallery in its 100 year history.jpg.jpg

Hyndburn's vibrant culture celebrated at record-breaking event

18 Jun 2024

Lbv116 Ltb Strip980
Background image for hub sign up block

LBV Hub

Reach 50,000 members of the Lancashire business community

Post your news
Post your events
Post your offers
Company profile
Social reach
Magazine coverage
Sign-up
Events
RISE - The Academy for Female Leaders and Managers
WENDY BOWERS RISE Illustrstion copy.jpg.jpg
LBV Hub Seminars
11 Jun 2024 - 04 Dec 2024

RISE - The Academy for Female Leaders and Managers

East Lancashire Chamber of Commerce, Clayton le Moors, BB5 5JR

09:00 - 16:30

Business Networking in Blackburn - BNI Vista
EVENT LISTING SIZING Vista.png.png
LBV Hub Networking
18 Jun 2024

Business Networking in Blackburn - BNI Vista

Hampton by Hilton, 2 Frontier Ave, Blackburn, BB1 3AL

06:45 - 08:30

Business Networking in Chorley - BNI Endeavour
EVENT LISTING SIZING Endeavour.png.png
LBV Hub Networking
18 Jun 2024

Business Networking in Chorley - BNI Endeavour

Oak Royal, Bury Lane, Chorley, PR6 8SW

06:30 - 08:30

Business Networking in Preston - BNI Diamond
EVENT LISTING BNI Diamond.png.png
LBV Hub Networking
19 Jun 2024

Business Networking in Preston - BNI Diamond

The Marriot Hotel, Garstang Road, Broughton, PR3 5JB

07:15 - 09:00

Exclusive Free Event - An inspiring morning with Professor Paul McGee, The SUMO Guy
Paul McGee Event
LBV Hub Seminars
19 Jun 2024

Exclusive Free Event - An inspiring morning with Professor Paul McGee, The SUMO Guy

Village Hotel Blackpool , Blackpool , FY3 8LL

08:30 - 13:00

Business Networking in Accrington - BNI Zeus
EVENT LISTING SIZING Zeus.png.png
LBV Hub Networking
19 Jun 2024

Business Networking in Accrington - BNI Zeus

The Mill House, Corn Mill Yard, Accrington, BB5 5HX

06:45 - 08:30

Bold Moves Mastermind - Procrastination to Profitable Pricing
BV Online Course Title pages (1).jpg.jpg
LBV Hub Seminars
19 Jun 2024

Bold Moves Mastermind - Procrastination to Profitable Pricing

Oswaldtwistle Mills Business & Conference Centre, Oswaldtwistle, BB5 0EY

09:30 - 12:30

Free 4 Week Growth Ignition Coaching Programme
UCLan Primary logo RKE.png.png
LBV Hub Seminars
19 Jun 2024 - 03 Jul 2024

Free 4 Week Growth Ignition Coaching Programme

Online, Preston, PR1 2HE

12:00 - 13:30

Business Networking in Lancaster - BNI Castle
EVENT LISTING BNI Castle.png.png
LBV Hub Networking
20 Jun 2024

Business Networking in Lancaster - BNI Castle

Vale of Lune RUFC, Powder House Lane, Lancaster, LA1 2TT

06:45 - 08:30

Business Networking in Burnley - BNI Kudos
EVENT LISTING BNI Kudos.png.png
LBV Hub Networking
20 Jun 2024

Business Networking in Burnley - BNI Kudos

Prairie Sports Village, Windemere Avenue, Burnley, BB10 2FU

06:45 - 08:30

THE ABSOLUTELY FABULOUS COMEDY DINNER SHOW
AbFab Social Post.jpg.jpg
LBV Hub Social
20 Jun 2024 - 20 Jun 2024

THE ABSOLUTELY FABULOUS COMEDY DINNER SHOW

Crow Wood Hotel & Spa Resort, Burnley, BB12 0RT

18:30 - 23:00

Business Networking in Preston - BNI Brunch
EVENT LISTING SIZING Brunch .png.png
LBV Hub Networking
21 Jun 2024

Business Networking in Preston - BNI Brunch

Samlesbury Preston Hotel, Preston New Road, Preston, PR5 0UL

09:30 - 11:00

Advertise with us

Reaching 50,000 members, our print, digital and event platforms offer a fantastic way to raise your business profile and help you grow.

Find out more LBV116 Online Graphic
Subscribe now

Weekly news bulletin