Focus on… ages 45-54
It’s the perfect time to take a Mid-Life MOT and see if you’re on track for the retirement you want. Find out how to identify what you’ve got – there’s still time to make adjustments that can have a big impact.
All members
Review your retirement savings with Aviva’s Retirement Forecaster
The Retirement Forecaster in MyWorkplace lets you see what your Savings Trust membership might provide you with in retirement.
As well as this, you can add in other pension benefits and the State Pension to get a complete picture. And all of this is measured against the Retirement Living Standards, so you can see at a glance whether you’re on track for a minimum, moderate or comfortable standard of living in retirement.
The Retirement Forecaster also allows you model the effect of adjusting your contributions, retirement age and more.
Find the Retirement Forecaster in MyWorkplace. Go to the ‘Overview’ section and click on ‘Retirement Forecaster’ to get started.
Take action and make adjustments
If the Retirement Forecaster shows that you’re short of your ideal goal, you’ve still got time to make adjustments. These could include the following:
Increasing your contributions to the Savings Trust (current employees only)
Even a relatively small adjustment can still make an impact. And don’t forget, tax relief at your marginal rate plus national insurance savings made by paying your contributions through PaySave mean that it might not cost as much as you think. Search ‘Savings Trust AVC’ on Employee Hub to find out how to do this.
Pushing back your retirement date
In the Savings Trust, you can choose your own retirement date. As a rule, the later you take your pension, the more income you can get. This is because you’ll have more time to build up your savings, and because of life expectancy, they’ll provide a retirement income for a shorter period. You can model the effect of this in the Retirement Forecaster, and if you decide to amend your retirement date, you can do this in MyWorkplace, too.
Remember, if you change your retirement date and are invested in our default investment solution, your Target Date Fund will automatically adjust to manage your investment risk.
Adjusting your retirement expectations
The Retirement Living Standards are based on extensive research with people who are living their retirement. But they can only provide a general guide. Have a look at what’s included in the minimum, moderate or comfortable standards – you may find they’ve allowed for expenditure on things you aren’t interested in or could live without.
Getting yourself prepared for the next step
Take a mid-life MOT
The Government’s mid-life MOT website helps you to start planning for retirement at any time from age 45.
You can focus on improving your work-life balance, understanding your pension or making healthy changes for a longer life, and it’ll provide an instant, combined shortlist of work, health and money resources based on your chosen focus.
Talk to a retirement specialist at Pension Wise
From the age of 50, a free Pension Wise appointment can help you to understand your options for taking money from your defined contribution pension. It’s impartial and backed by the Government.
Pension Wise doesn’t provide advice, but you can speak to a retirement specialist about retirement options and come away with a written summary of what they’ve explained to you. It’s a great way to start your planning, and it won’t cost you a penny.
To find out more and book your free appointment, visit the Pension Wise website.
