Pension saving: How to boost your pot and take control of when you retire | Personal Finance | Finance

Making pension saving a priority could help people take control of their retirement when the time eventually comes. Sarah Pennells, Consumer Finance Specialist at Royal London, shared some tips on how people can maximise their pension savings and take control of when they retire.

She said: “Many people drift into retirement rather than planning for it, but it’s really important to think about when you want to stop work and how much you’d need to save into a pension in order to do that.

“The earlier you start, the longer your pension savings have to grow, and the bigger your pot could be.

“Even if you love your job, having a decent sized pension pot could give you the financial independence to pay your bills without having to carry on working.

“The state pension is currently £9,339 a year, which isn’t enough to give most people the kind of retirement they’d like, so it’s important to consider a workplace or personal pension as an additional source of income in retirement.”

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Here are some of Ms Pennells’ additional tips on how Britons can maximise their retirement savings:

Shift your mindset

“Instead of thinking of saving for your retirement as ‘giving up’ money today, think of it as helping you to live the life you want when you stop work.”

Save spare cash towards retirement

“Check your bank statements or online banking app to see where your cash is going and whether you can cut back.

“A few pounds here and there will help towards your retirement pot.”

“If you’re aged 50 or over, you’re entitled to a free pensions guidance call with Pension Wise.”

Do not miss out on the state pension

“You may not get your state pension until you’re in your late 60s, but it will be a key part of your income in retirement.

“You can find out your state pension age on the website, and it may be possible to plug any gaps in your National Insurance record, if it will increase your state pension amount,” she explained.

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