Life Moments

Retirement

Thinking about retirement?

From workplace pensions to personal plans and state pensions, with so many options to consider it's no wonder many of us don't like thinking about how we'll pay for our retirement. We want to remove the confusion and help make sure you know the differences between your options.

Types of pensions

Here's a brief overview of three main options available to help you start planning.

 

 

Planning ahead

It’s never too early to start saving for your retirement. With people living longer than ever before, we all need to save more. But because there’s always something more urgent to pay or save for, it’s something that many of us rarely think about.

Read about our key points to consider when planning your retirement below.

4 key things to consider when planning for retirement

  1. 01

    Why save for retirement?

    Put simply, a State Pension may not be enough for you to live on in your later years. How much your State Pension is worth could depend on how many years’ National Insurance Contributions you pay while you’re working along with other criteria. You can find more details on gov.uk.

  2. 02

    When am I going to retire?

    If you keep working until you’re 65, you can expect that you’ll need to live off your pension for at least 20 to 30 years. You don’t have to retire when you are 65 and your employer can’t make you. Your retirement age is different to the age that you’re eligible for a State Pension.

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    Is the age you'd like to retire realistic?

    Work out your state pension age using the gov.uk calculator.
  3. 03

    How much will I need?

    Work out how much you’ll need to live on once you’ve stopped working, factor in extras like bigger energy bills, healthcare and even holidays. You might not need to include things like mortgage repayments and travelling to and from work. Once you’ve done that, take a look at all the pensions you currently have.

    Are you saving enough or should you be putting aside more?

  4. 04

    How do I start saving?

    Whether it be an ISA, private or workplace pension, or even investing in property, the earlier you can start saving, the more time it will give your money to grow. Leaving things until later may mean that the amount you’ll need to save is unaffordable.

Making your money work harder for you

Savings and investments could both help with long-term financial planning, however it's important to know the different between them. We've put together this handy table to explain the differences.

Saving for your future

Get rewarded for saving regularly

Earn up to 1.50% AER/Gross p.a. (variable) with a Savings Builder when you grow your savings by £50 or more each month. 

Start saving from £1, instant access to your savings. Eligibility and criteria conditions apply.

Save tax-free with a Cash ISA

Take advantage of the 2018/2019 tax free ISA allowance of £20,000. Find out how easy tax-free savings can be with one of our ISAs.

Aged 16 and over, UK resident and must not have subscribed to a cash ISA in the same tax year. 

Investing your money

Investment values can fall and rise, your capital is at risk. Eligibility criteria, fees and charges apply.

The simple way to help get your money working harder

Whether you’re a seasoned pro, or a total newbie looking to learn the ropes, NatWest Invest is a quick and simple way to help get your money working for a brighter and wealthier future.

Investing for your children in a tax-efficient fund

A Junior Stocks and Shares ISA is a tax-efficient investment account for children under 18. Help set your kids up for when they reach adulthood from as little as £20 per month.

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