How to ensure you have sufficient income in retirement

If you’re approaching retirement, you may be reviewing your assets and contemplating what the future is going to look like. You may be questioning whether your retirement income will be sufficient, or wondering if there’s a better way to maximise your investments.

Or, you might not be planning your retirement at all.

77% of savers don’t know how much they’ll need in retirement, while only 16% of savers can give a figure¹. Generally, we’re all living longer and in better health, meaning it’s crucial that you make sufficient preparations to safeguard your financial future in later life.

Having a retirement plan, which you can adjust along the way, is key. You want to make the right decisions for you, both now and in the future.

But you don’t have to do this alone. A pension adviser can help you to work towards your magic number - what you’re going to need to have a satisfactory lifestyle in retirement.

“Advice is really key in the run-up to retirement, to make a plan and stick to that plan as best you can, ongoing as your circumstances change, and again in retirement,” says Claire Trott, Head of Pensions Strategy at St. James’s Place. “It’s also important to take the right advice, at the right time for each individual”.

In the video below, Trott, Webb and Altmann share their views on the UK pension industry and tips to ensure you have sufficient income in retirement.