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

Date revealed for opening of entries for Red Rose Awards 2026 Red Rose Awards 2025

Date revealed for opening of entries for Red Rose Awards 2026

14 Jul 2025

2

Northcote celebrates prestigious industry marketing award for the 25th anniversary of Culinary Festival Obsession Northcotes winning awards

Northcote celebrates prestigious industry marketing award for the 25th anniversary of Culinary Festival Obsession

14 Jul 2025

3

Applebridge take over first floor letting at Ackhurst Business Park in Chorley John Kiernan - Construction Director & Paul Troubridge - Project Director; from the Applebridge Family

Applebridge take over first floor letting at Ackhurst Business Park in Chorley

14 Jul 2025

4

Expanding Airframe Designs appoints new advisory board chairman David Roberts and Jerrod Hartley

Expanding Airframe Designs appoints new advisory board chairman

14 Jul 2025

5

Booths win gold at International Cheese and Dairy awards Cheese counter at Booths

Booths win gold at International Cheese and Dairy awards

14 Jul 2025

Background image for hub sign up block

LBV Hub

Leverage Lancashire Business View platforms

Post your news
Post your events
Post your offers
Build your network
Improve your SEO
Gain coverage in the magazine
Sign-up
Events
LBV123 July/August Launch Event
Lancashire Business View magazine launch
Networking
16 Jul 2025

LBV123 July/August Launch Event

Burnley College University Courses Building, Burnley, BB12 0AN

08:30 - 10:30

Lancashire Built Environment Conference 2025
BEC 315 X 315 Px
Networking
25 Sep 2025

Lancashire Built Environment Conference 2025

Blackpool Football Club, Blackpool, FY1 6HX

08:30 - 13:00

CMI Level 5 Management and Leadership Course
UCLanAerialCampus.jpg.jpg
LBV Hub Seminars
21 Feb 2025 - 21 Feb 2026

CMI Level 5 Management and Leadership Course

Preston Campus, Preston , PR1 2HE

09:00 - 17:00

CMI Level 5 Project Management Course
UCLanAerialCampus.jpg.jpg
LBV Hub Seminars
21 Feb 2025 - 21 Feb 2026

CMI Level 5 Project Management Course

Preston Campus, Preston, PR1 2HE

08:00 - 17:00

Shaping Preston's future by remembering its past
1750160034867.png.png
LBV Hub Networking
16 Jul 2025 - 16 Jul 2025

Shaping Preston's future by remembering its past

Society1, Coworking Space, Preston, PR1 3LT

18:00 - 20:30

Chamber Summer BBQ
LBV Hub Social
17 Jul 2025 - 17 Jul 2025

Chamber Summer BBQ

The Borough, Dalton Square, Lancaster, LA1 1PP

17:30 - 20:00

Preston Tech Connection: Web3 is Dead. Or is It?
July Longer Banner.jpg.jpg
LBV Hub Networking
29 Jul 2025 - 29 Jul 2025

Preston Tech Connection: Web3 is Dead. Or is It?

Society1, Coworking Space, Preston, PR1 3LT

18:00 - 19:30

Preston Freelancer Meet-Up: July
Longer July Banner.jpg.jpg
LBV Hub Networking
31 Jul 2025 - 31 Jul 2025

Preston Freelancer Meet-Up: July

Society1, Coworking Space, Preston, PR1 3LT

10:00 - 11:30

Cumbria Business Expo 2025
https---cdn.evbuc.com-images-880461633-4862066883-1-original.20241022-110415.jpeg.jpg
LBV Hub Exhibitions
19 Sep 2025 - 19 Sep 2025

Cumbria Business Expo 2025

Carlisle Racecourse, Carlisle, CA2 4TS

09:00 - 15:00

North West Business Expo 2025
https---cdn.evbuc.com-images-880456273-4862066883-1-original.20241022-105445.jpeg.jpg
LBV Hub Exhibitions
24 Oct 2025 - 24 Oct 2025

North West Business Expo 2025

Bolton Stadium Hotel, Bolton, BL6 6SF

09:00 - 15:00

Lancashire Business Day 2025
241122lbvlancashiredaylhp0647web
Networking
27 Nov 2025

Lancashire Business Day 2025

Burnley FC , Burnley, BB10 4BX

12:00 - 17:00

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 LBV122 Online Graphic
Subscribe now

Weekly news bulletin