What next?

SIMPLE STEPS TO GET RETIREMENT READY

Can you picture your lifestyle in retirement?

We’ve created the Retirement Living Standards to help you think in a practical way about what you’ll need or want to spend your money on.

To help you understand where you might end up, our series of examples - show what kind of living standard different people could have in retirement depending on their salaries, household and savings.

And to help you start to plan for the lifestyle you want, here are five ways to get more information about your own pensions savings and how to manage them.

  1. Check how much you are currently saving

If you are saving into a pension, it can help to check how much you are putting in and whether you could increase contributions now or in the future, if and when it feels affordable.

Some people may be self‑employed, have opted out of a pension, or not be saving at all because of other financial pressures. If that’s the case, you are not alone. You may want to explore whether saving even small amounts in the future could be possible.

Retirement planning looks different for everyone, and what matters most is finding an approach that fits your own situation.

  1. Get to know your total pension pots

Some people may have one or more pension pots, while others may rely mainly on the State Pension or have little or no additional pension saving. Everyone’s situation is different.

If you have paid into pensions in the past, it can be helpful to understand what you have across all of them, including any small or old pots. Some people have pensions they have lost track of, and a free government service, the Pension Tracing Service, can help locate these. Having a clear picture of your position can help with planning, whatever your circumstances.

  1. Understand the State Pension

Most people will receive the State Pension as part of their retirement income. In 2026–27, the full State Pension is £241.30 a week, around £12,548 a year*. To receive the full amount, you usually need 35 qualifying National Insurance years. For a two‑person household, two full State Pensions can go a long way towards covering shared retirement costs.

You can check your National Insurance record and State Pension forecast on the gov.uk website

*State Pension totals are based on weekly payments. The annual amount may vary slightly depending on the number of days in the year, as it is paid weekly rather than annually

  1. Benefits, savings and other financial support

There are a number of benefits you may be entitled to through your working life as well as in retirement. As well as your State Pension you could be eligible to claim extra money to help with living costs, like the winter fuel allowance, free transport passes and other housing or health care benefits.

To find out what benefits could be available to you in retirement visit Moneyhelper

  1. Get guidance or professional advice if you need it

Support is available if you want help understanding your options. You could:

  • Speak to your employer or pension provider
  • Use free, impartial guidance from Moneyhelper
  • Read practical tips from Money Saving Expert
  • Choose to speak to a regulated financial adviser