Once a person has more time on their hands, they can work out whether their pension will give them a decent retirement income through a calculator designed for this purpose.
Ms O’Connor added: “The Pension and Lifetime Savings Association (PLSA) recently suggested that £20,800 a year, including state pension, is enough for a decent income in retirement. You’d need a pot worth around £300,000 roughly by the time you retire to deliver this, assuming you’ll get a full state pension.
“Are you on track? Is this amount right for you or do you think you’ll need more when you retire, for a luxury lifestyle, perhaps. Checking in on this can give you an idea of by how much you might need to increase your contributions.”
Certain individuals will want to look at sustainable pension options, and so this could be another point of action for those concerned with this matter.
In addition, people are encouraged to spend time thinking about the age they might like to retire, and whether it will be financially possible.