Increasing your retirement income

If you're at the point where you've realised you haven't saved enough, don't panic. There are a few things you can do to increase your retirement income.

Pay more, get more

If there’s a gap between how much you’ve saved and how much you’ll need to live on, you could consider increasing the payments you make into your pension.

Remember, your employer is already paying into your pension and you'll get tax benefits on any payments you make. Laws and tax rules may change in the future. The information here is based on our understanding in April 2017. Your personal circumstances also have an impact on tax treatment.

Also think about putting a one-off payment into your pension - for example if you get a bonus at work.

As with any investment the value can go up or down and may be worth less than what was paid in.

More about extra payments

Delay retirement

You can normally take your pension benefits from age 55 (57 from 2028), even while you're still working.

The longer you stay in work, the more money you’ll pay into your pension - and the more you’re likely to get out of it.

You can also boost the value of your state pension by delaying when you take it. Our retirement planner can help you plan for your retirement.


Other state benefits

Once you retire you might be able to claim benefits on top of your state pension.

What you’re entitled to depends on your personal circumstances and whether you normally live in England, Northern Ireland, Scotland or Wales

Find out more about these benefits at the Citizens Advice Bureau

Working in retirement

You may need or want to carry on working through your retirement.

If you’re claiming means tested benefits, you need to check whether any extra income would affect your entitlement. And remember, all your income, including your pension, is taxable.