How often should I review my pension?
The simple answer is: at least once a year.
Why? Because your pension is an important part of your retirement savings, and you want to make sure it's on track to give you the income you need in retirement.
If you're closer to retirement, you may want to review your pension more often. That way, you can make sure you're on track to reach your retirement goals.
Why should I review my pension?Reviewing your pension
performance is a good way to check that your savings are on track to provide you with the income you need in retirement.
If you're close to retirement, it's especially important to review your pension regularly. That way, you can make sure you're doing everything possible to reach your retirement goals.
When should I review my pension?
At least once a year is a good general rule. However, if you're getting closer to retirement, you may want to review your pension more often.
What should I look for when I review my pension?
There are a few things you'll want to keep an eye on:
- Your balance: This is how much money is in your pension pot.
- Your investment performance: This is how well your investments have done over time. It's important to remember that investments can go up and down in value, so don't be too concerned if there are ups and downs from one year to the next. What's important is how your investments have performed over the long term.
- Your contributions: Are you making the most of any employer contributions? If you're not, you could be missing out on free money.
- Your retirement date: This is the date you want to retire. If you're getting close to this date, you may need to start thinking about how you'll generate income in retirement.
- Your retirement income: This is the income you'll receive from your pension in retirement. If you're getting close to retirement, you'll want to make sure this is enough to cover your costs.
What if I don't like what I see?
If you're not happy with your pension performance, there are a few things you can do:Increase your contributions: This will help you boost your savings and get back on track.Change your investment strategy: If you're not happy with how your investments are performing, you may want to consider changing your strategy. This could mean switching to different types of investments or moving your money to a different pension provider.Defer your retirement: If you're not on track to reach your retirement goals, you may need to defer your retirement date. This will give you more time to boost your savings.
What if I need help?
If you're not sure how to review your pension or you need help making changes, there are a few places you can turn for help:
- Your employer: They may be able to provide you with information about your pension and offer guidance on how to make the most of it.
- Your pension provider: They should be able to provide you with information about your pension and offer guidance on how to make the most of it.
- A pension adviser: They can help you understand your options and make decisions about your pension.
Remember, reviewing your pension
is an important part of ensuring a comfortable retirement. So make sure you do it regularly.