Exposing 3 myths about retirement

In the scheme heading
Ultimately it's up to you to decide how much to put away for your retirement. But like everything else in life, a bit of forward planning can make all the difference.

​Common misconceptions about pensions

My grandad only lived to his mid-60's, so why bother saving?

In 2017, there were nearly three times as many people aged 85 and over in the UK than in 1971. As we are living longer on average, we may well be retired for longer. So where will you get the income to live on? This is why it's important to get into the habit of saving regularly to afford life after work.

I don't need to save because I can rely on the State Pension.

The new State Pension is £168.60 per week - it's a good base to start on but unlikely to be enough to live on. You may not be eligible to get your State Pension until after your RPS pension age, plus the State Pension age may change in the future.

This is why it is important to build up as much retirement income as you can.

It's too late for me to start saving into a pension.

Every penny counts so the sooner you start saving, the better. However, there's always time to set up a pension and save for the future. Even though it may seem like a lifetime away, you should think about your retirement now.

How much could retirement cost me?

Try out the new tool guide at retirementlivingstandards.org.uk. It gives you a rough idea of how much retirement could cost, whether you're aiming for a minimum, moderate ​or comfortable standard of living.