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Boost your retirement income

Call us for a free chat on 0800 032 9301

Lines open: 8.30am to 6pm Monday to Friday

How can I increase my retirement income?

If you’re concerned that you’re not saving enough for your future, here are 5 ways to boost your retirement income, and make the retirement of your dreams a reality.

1. Increase your contributions

If you haven't reached retirement yet, you may still have time in to boost your pension contributions by as much as you can afford (subject to limits on how much will attract tax relief).

If you’re still working, this is a popular option, especially if your employer will partly or fully match your extra contributions.

2. Consolidate your pensions

Reducing the pension charges applied to your pension could make a significant difference to your pension savings over the years.

By combining your pension pots into one, they’re also easier to keep track of. Find out more about pension consolidation

3. Defer taking your state pension

Whilst you must take your state pension, you can choose to defer it. By deferring your state pension, your payments will increase by 1% for every 9 weeks deferred.

Find out more about deferring your state pension

4. Continue working

Rather than fully retiring you could reduce your hours or take on another part-time role. It would mean a steady income that wouldn't reduce pension savings you already have.

Working part-time could cover your essential living costs and your pension fund would still be there for emergencies and occasional treats. Find out more about budgeting for retirement

5. Savings and investments

The recently launched Lifetime ISA means you can now save for retirement and receive a 25% bonus from the government.

These days more and more people are using money from savings and investments to retire.

Alternatively, if you’re over 55, you could take your tax free cash from your pension and invest some or all of it, or use it to clear costly debts like your mortgage.

Alternative options

Equity release allows you to use the cash that's tied up in your home without moving which can be helpful but it's not suitable to everyone.

Releasing equity can be expensive and inflexible if your circumstances change. It could also affect your entitlement to state or local authority benefits.

You can stay in your home for the rest of your life unless you have to move into long-term care. When you pass away, any equity of your home that you haven’t released can pass on to your dependents as inheritance once the property is sold. Read more on equity release

Green calculator

Pension calculator

  • Enter your pension value and contributions to calculate your pension pot size
  • See what retirement income your pension could give you
  • Find out how to maximise your savings

Have a commitment free chat with a Pension Specialist

Call us on 0800 032 9301

TextDirect: First dial 18001

Lines open: 8.30am to 6pm Monday to Friday. We may record and/or monitor calls for training and audit purposes.

Start your conversation with a pension specialist today by telling us about:

  • Your current pension pots
  • Any contributions you're making
  • How much you've already saved