You must be over the age of 18 and under the age of 75 and be a UK resident for tax purposes. You cannot make contributions if you are a US citizen or US Green Card holder. You cannot access your pension benefits before the age of 55. The value of investments can fall as well as rise, and you may not get back the full amount you invest. Eligibility criteria, fees and charges apply. When transferring any existing pensions, exit fees may apply.
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5 ways to get retirement ready
1. Work out your numbers
Research by Which? In 2023 found that people living alone would need around £173,000 in their private pension pot to retire comfortably, and couples would need a combined pot of around £115,000.
A good place to start is by finding out what your current pension plans are worth, so you’ve got a clearer idea of what you can look forward to.
2. Build healthy habits
Many of us look forward to retirement as an opportunity to make the most of our free time. A chance to travel perhaps, devote more time to hobbies and interests or spend more time in the company of family and friends.
Some people see it as the chance to start something new, like doing a degree or returning to study. Doing more exercise is another thing people look forward to, and it’s certainly a great way to aim for a long and happy retirement.
3. Pay down your debts
Now could be a good time to pay down as much debt as possible. Try to avoid carrying mortgage debt and credit card debt into retirement. Paying off your debt in your 50s could really boost your pension savings.
For example, if you can pay off your mortgage then take the amount you’d normally pay each month and add it to your pension. It could all add up to a significant boost to your income in retirement.
4. Set some goals
What kind of retirement are you looking forward to? Increasingly, many people plan to stay active rather than stopping work completely – whether that’s starting a business, working part-time or volunteering.
Work out what matters to you, and when you want to achieve things by. Make a budget. Some costs will be lower, such as travel costs – but be realistic: don’t forget to think about things like holidays and entertainment.
5. Consider investing
On top of your pension arrangements, investing could be another way to grow your money for retirement.
Royal Bank Invest offers you a quick and simple way to help you make your money work harder and go further. Whatever plans you have for the future - whether you’re an experienced investor or taking your first steps, we’ve made it easy to get started.
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