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Saving in your 40s and 50s

You may have been saving towards your long-term goals for some time. Now might be a good time to make the most of the opportunities open to you as there’s still plenty of time to make a difference to your pension.

If you are already paying into a workplace pension, you are making progress towards reaching your long-term savings goals. Now may be a good time to take a closer look at your goals, understand what you've saved so far and check that you are on track. If you feel that you are behind your targets, we’ve got some small steps you can take now that can make a big difference over the long term.

Three small steps you can take now

Regularly review your contributions

It’s a good idea to regularly review how much you are saving. As your circumstances change, you can easily amend your contributions through your employer. You can also boost your savings by making additional contributions on a regular basis, as well as one-off contributions.

Understand your investments

You’re likely to be in retirement for 20 years or more, so it’s important to invest your pension in a way that will help you achieve your retirement goals. You may be invested in the default investment option of your pension plan, or you may have decided to self-select your investments. Either way, it’s important to review how your pension savings are invested regularly. To find out more about the investment options available through your pension plan, log in to PlanViewer.

If you are unsure whether your investments are suitable for your circumstances, or you need advice on any of the options available to you, we recommend that you speak to a regulated financial adviser.

Bring your pensions together

Depending on the types of your other plans, you may be able to transfer these into your Fidelity European Pension Plan. This could mean less paperwork and, with your pension savings in one place, possibly a wider choice of investments. Learn more about transferring in.