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 2021. Your own 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.
You can normally take your pension benefits from age 55 (may be subject to change), even while you're still working.
But you don’t have to take your pension benefits at your originally selected retirement date - you can delay to a date that suits you. 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.