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.
Increase your contributions
If you’re still working, this is a popular option, especially if your employer will partly or fully match your extra contributions.
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.
Defer taking your state pension
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.
Savings and investments
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.
Have we got you thinking?
Take a look at our other handy guides on pensions and retirement