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What kind of retirement do I want?

You might have already started thinking about saving for retirement. But have you given any thought to the kind of retirement you want to enjoy?

How do you imagine yourself in retirement?

There are lots of things to consider when it comes to imagining your retired future. And now is the perfect time to start thinking about what you’ll need, what you’ll want and how you’ll ensure you have the money in place to make it a reality. Here are some core questions that are worth thinking about:

  • At what age do you plan to retire? The approximate retirement age is 65, though this could rise in the coming years, and retiring at a specific date is no longer necessarily the norm. Log in to your online account to find out how to change your retirement date.
  • Will you want to carry on living where you are? Or will you need to downsize?
  • What things do you picture yourself doing in later life? Do you want the same standard of living you have now?
  • Will you have enough in your retirement pot to afford the basic necessities? Get a clearer idea of the amount you can expect by estimating your retirement income below.

How we work out the figures

To help you bridge the gap between your working life and retirement, we’ve put together six points you might not have considered.

After a long stretch of time working hard throughout your life, retirement can act as a reward beyond work. For many it can be a time to concentrate on the things that make you happy, such as travel, hobbies and spending time with loved ones. It’s when you deserve to have the freedom to do what you want without having to be too frugal or concerned about your financial situation.

Some people might think of life after retirement as a small period following their main life, but this doesn’t have to be the case. According to The Money Advice Service, ‘retirement can last for 30 years or more depending on when you retire and how long you live.’ This is a significant amount of time and many people even continue working into their retirement.

When you’re no longer in full-time work you should have more time to do the things you enjoy, whether that’s discovering new interests, travelling to new places or eating out, as examples. But whilst you might save some money on things like not having to travel to work, for example, many of these things can cost money. Beyond this, your outgoings in retirement might change to support your care needs or special elderly requirements.

The full state pension is approximately £164.35 a week. Whilst it’s a great starting point for your retirement income, dependent on your lifestyle and needs, it’s possible that you’ll need to supplement it with further retirement savings, such as a workplace pension.Taking such steps might be necessary to afford retirement living costs.

The decisions you make about your retirement need to be based on your household, taking into account any partners or dependants as well as yourself.

It’s common to think of retirement as a time when you’ll need funds for things and activities, but well-being goes beyond this. It’s also a time when you’ll want to concentrate on your health, family, general happiness and avoiding stress. You can help secure all of these for the time beyond your working life by being prepared in advance for the cost of retirement.

Case study: Perry Goodwin, Vetinary Care Assistant, Spring Lodge Veterinary Hospital

"A good retirement, for me, would be being comfortable in my own home, eating good food and being around the people I love - maybe a holiday every now and again."

Watch or read about some of the individuals like Perry who are preparing for their retirement with NEST

Find out your likely retirement income

See how you can grow your pension pot

There’s no need to feel disheartened if you find your current retirement saving plans don’t support the retirement you want to have. There are plenty of things you can do to close the gap and it’s never too late to get started.