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Retirement

  • You can ignore retirement, but retirement won’t ignore you

    Even 61% of retired, confident investors say they want more income
    (Schroders Global Investor Study 2018)

  • You can ignore retirement, but retirement won’t ignore you

    38% of people have to postpone retirement because they’re not financially ready
    (London Institute of Banking & Finance and 7IM, 2018)

Are you going to be ready for retirement?

With the cost of living increasing, and people living longer, traditional company pensions may not be enough to allow you to live the lifestyle you are accustomed to when you enter retirement.

It’s essential you know how much you are going to need in your pension pot once you retire, and what your options are to ensure you get there.

Read on to discover how much you’re likely to need, and learn why SIPPs are a great way to help you boost your retirement income.

 

Open a SIPP   Top up your SIPP

What to expect in retirement

Retirement is an increasingly expensive business. Life expectancy and the cost of living is increasing. So what you are expecting to be enough to keep you going when your working days are done, is unfortunately not what you are likely to get.

Research shows there is a consistent gap between what UK workers think they need financially in retirement, and what they actually receive. In fact, even 61% of retired, confident investors say they want more income.* And what’s worse, 38% of people are having to postpone retirement because they’re not financially ready when the time comes.**

Watch our short video with 10 steps to help you plan for your retirement

* Schroders Global Investor Study 2018
** London Institute of Banking & Finance and 7IM, 2018

How to get retirement ready

Sources vary on how much you need to retire on, so it can be difficult to work out what you should be aiming for. Researchers from Aegon report £300,000 is the amount that people need in their pot to maintain their current lifestyle in retirement. However, research also shows us that the average pension pot of a UK worker retiring in 2017 was just £50,000 – just a sixth of the recommended pot size.

Can you make up the difference? The extent to which you can close the gap will depend on lots of factors, including your age and earnings. Contributing regularly and investing can make a big difference to what you end up with.

To find out what you need to be putting away monthly to meet your expectations, try our retirement planning calculator.

Retirement Planning Calculator

Our Retirement Planning Calculator will show you what you need to be putting aside each month in order to reach your retirement goal.

Retirement goal

£

£
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Years

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Monthly contributions required to hit your goal

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*If you need help to start, we suggest you enter at least £300,000 as your retirement goal.

**These growth rates options of 2% (low), 5% (medium), 8% (high) are indicative and not guaranteed.

Take control of your pension with a SIPP from Selftrade

  • One of the most tax effective ways to save for your retirement
  • Choose either the Selftrade preferred SIPP or from a range of over 70 other providers
  • Gain up to 45% tax relief on your pension contributions
  • Flexible saving options - choose between regular or ad hoc contributions
  • Access pension and retirement educational tools and expert tips

Open a SIPP

Investing within a SIPP can help boost your retirement income

  • Be in control of your retirement pot

    A SIPP gives you the flexibility and control to choose how your money is invested across a range of asset classes and sectors. Sign in at any time to invest or monitor performance.

  • Benefit from up to 45% tax relief

    The government will add 20% tax relief to contributions you make to your SIPP. Furthermore, higher and top-rate tax payers can claim up to an extra 25% back on their tax return.


  • A great way to boost your retirement income

    SIPPs allow you to invest and gain tax relief on contributions up to £40,000 per annum. Thanks to the carry forward rules, any unused allowance can be rolled over for up to three years, meaning you could invest up to £120,000.

  • Take advantage of tax breaks

    Any capital gains made within a SIPP are tax free, and you can withdraw a 25% lump sum tax-free from the age of 55. That’s more money for you to spend in retirement.


  • Be in control of your retirement pot

    A SIPP gives you the flexibility and control to choose how your money is invested across a range of asset classes and sectors. Sign in at any time to invest or monitor performance.

  • Benefit from up to 45% tax relief

    The government will add 20% tax relief to contributions you make to your SIPP. Furthermore, higher and top-rate tax payers can claim up to an extra 25% back on their tax return.


  • A great way to boost your retirement income

    SIPPs allow you to invest and gain tax relief on contributions up to £40,000 per annum. Thanks to the carry forward rules, any unused allowance can be rolled over for up to three years, meaning you could invest up to £120,000.

  • Take advantage of tax breaks

    Any capital gains made within a SIPP are tax free, and you can withdraw a 25% lump sum tax-free from the age of 55. That’s more money for you to spend in retirement.


Open a SIPP or top up today

I’ve still got questions!

We’re on hand to help at our Customer Experience Centre on 0345 0700 720