Take care: Three things you need to think about in the run-up to retirement
There’s no one single route to retirement, but taking the time to care and understand your options can help you feel more in control when it comes to stepping into retirement.
Whether retirement is just around the corner or still a few years away, there are three key questions to ask yourself now, to make confident decisions later.
1. What’s your pension really worth?
Before making any plans, you’ll need to know what you’re working with.
That means taking a look at your Citi pension, any other workplace pensions you might have, personal pensions, and your State Pension – these will all play a role in your retirement income, and help you determine what kind of lifestyle you’ll be able to have.
What you can do now: Check how much your pension is worth on MyCitiPension and your State Pension using the Government’s forecast tool. This gives you a clearer picture of your expected income so you can plan accordingly.
2. When do you want to retire?
Your pension might be available from age 55 (age 57 from 2028), but that doesn’t mean you have to take it then. Think about whether you want to retire early, at your Normal Retirement Age, or keep working. The timing of your retirement will impact how long your pension needs to last – and how much you might get.
What you can do now: Check your target access age on MyCitiPension by going to My Pension > My Investments, and compare this with when you’d ideally like to retire. This helps you spot any gaps or decisions you may need to make sooner rather than later.
3. What other income might you have?
Retirement isn’t just about your pension. Consider any other income sources like savings, investments, part-time work, or benefits you might be entitled to. Building a full picture of your income sources helps with long-term budgeting and planning.
What you can do now: Use the Pensions UK Retirement Living Standards to understand the income you need for a minimum, moderate, or comfortable lifestyle. You can use this as a benchmark to see if your pension plans align with the retirement you imagine.