Saving in your 60s

Life used to consist of three key stages: education, work, retirement. This is often no longer the case, as we’ve transitioned into a more flexible, multi-stage lifestyle. This gives you more options when it comes to when and how you want to retire.

Start by knowing your savings goals

It’s important to know what goals you’re working towards for retirement. Whether you want to use your pension to fund home improvements, travel or study, you need to make sure you’re on track with your savings, and that you know what you’ll have available to spend in retirement.

Find out what you’ve got saved

During their working lives, the average person will work for a number of employers. So, you may find you have a number of pensions with a few different providers. It’s important to know where these are and how much is saved in them, so you can get a good picture of your overall savings and investments.

Check your retirement age

Check your retirement age in PlanViewer to make sure it reflects your current retirement goals and plans.

It’s important to keep this up to date as it drives the allocations of any automated investment strategies you may be invested in, such as a lifecycle strategy. It will also ensure you receive relevant important information from Fidelity that is better suited to your current retirement plans. You’ll also get more up to date projections about your retirement savings which can help with your planning.

Remember, the earlier you retire, the longer your savings will need to last. And the later you retire, the more time you spend earning a salary and potentially boosting your pension savings.

Add a little more today

A small increase to your contributions now, can still make a difference because, when it comes to saving, the longer you can contribute, the longer your savings have to grow. Time is a powerful tool and continuous contributions can grow to a sizeable sum, thanks to the benefits of compounding.