The average life expectancy is increasing in the UK and according to a study many will expect to exceed 90 years of age. Will your pension plans stretch for as long as you need it to? For some their retirement will begin earlier and some later and your pension savings to use in retirement will depend on how much monthly income you draw from your pension pot and if you take any lump sum payments.
State Pension, any other pensions you’ve built up while working, is likely to be the biggest contribution to your retirement. Prices tend to rise over time, so if you want to maintain your standard of living, you’ll need to keep track of your retirement income. Seeking professional financial advice could help you to effectively plan for your retirement.