Build your retirement vision board with help from PensionBee

In partnership with PensionBee

What’s your retirement vision board?

When you think ahead to retirement, what do you see? Coffee shop chats with friends? Self care spa days? Maybe extended breaks in the sunshine?

Whatever your ideal retirement lifestyle is, you need to be able to actually pay for it. This is where personal pension savings come in. Without a pension or other long-term savings, you might find yourself relying on the State Pension to fund your retirement.

Whether you’re in full time employment, self-employed or a stay at home parent, building up a pension pot could make all the difference to your financial health in retirement.

We know that pensions can sometimes feel confusing. While fees and underlying investment details may not set our pulses racing, the opportunity to live a comfortable retirement should excite us!

Here are 5 ways you can build the retirement of your dreams through your pension:

Stay in control

Whilst we can’t control what happens in the wider economic environment, such as the cost of living and world politics, we do have some control over our own financial environment. This means taking a proactive approach to managing our money. One way you can do this is by making consistent pension contributions in an effort to build up your retirement savings. 

Each payday is an opportunity to invest in your future.

Treat it like a bill

Paying into a pension doesn’t need to be a big deal. If you have a consistent income, pick a fixed amount and set up a monthly standing order to your pension. If you have a fluctuating income, it might be easier to pay a fixed percentage of your income rather than the same amount each month.

If you aren’t sure where to start, some financial experts recommend investing 15% of your income to a retirement fund as a rule of thumb. But the right amount for you will depend on your personal circumstances.

Begin with the end in mind

It may help to work backwards. PensionBee’s Pension Calculator can help you see how long your pension pot could last in retirement. Using the toggles to input your current age, contributions and desired retirement income, you can work out whether you’re on track. You can then adjust your contribution amounts and see how this impacts your overall pot.

Check out our podcast special on pensions here where we talk through this. 

Investing in pensions is for everybody

It’s never too late to start saving into a pension. Even if you don’t contribute an income to the household as a stay at home parent, there are ways you can build a decent retirement fund. Check out this helpful blog from PensionBee. The gender pension gap is proof alone of the financial sacrifice lots of women make, with many finding themselves financially vulnerable when approaching retirement. This is your sign to put your financial life jacket on and prioritise your future self.

Choose the right platform for you

Looking for a pension provider to either set up a new pension or combine your existing ones into a new plan? When comparing providers, think about the features and tools they offer. PensionBee has an award-winning app that helps you manage your pension from the palm of your hand. 

You can check your balance, combine old pensions, set up flexible contributions and withdraw with ease (from age 55 rising to 57 from 2028). Plus they have tools like their Pension Calculators, videos and blogs to help you on your pension saving journey.

P.S Vote with your money

Once you realise your pension money has the power to make a difference – they might become a whole lot more interesting! If you’d prefer not to back fossil fuels and have a vested interest in the planet, you can direct your pension investments to responsible options that truly align with your values. PensionBee has two responsible plans to invest in including their Climate Plan and their Shariah Plan.

Risk warning

As always with investments, your capital is at risk. The value of your investment can go down as well as up, and you may get back less than you invest. Past performance does not guarantee future results. This information should not be regarded as financial advice.

About PensionBee

PensionBee can help you combine your old pension pots into one easy-to-manage online plan that lets you keep track of your balance, make flexible contributions, invest in line with your values and make withdrawals from the age of 55 (rising to 57 from 2028). For more information, visit PensionBee.

Learn how long your pension could last with the PensionBee Pension Calculator.

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