Retirement Planning

The first step to reviewing your retirement savings is to find out what you already have. You can see the current value of your AXA Personal Account and an estimate of its value at retirement by logging in to

When you are reviewing this, you will also need to think about how you will use the savings to fund your retirement. You can find more information about your options here.

You might also have savings from previous jobs, or a personal pension plan. In this case, you will need to find out what you can expect to get from them too. Check a recent benefit statement or contact the pension scheme for an estimate. If you’ve lost touch with a previous employer’s scheme, you may be able to find them using the pension tracing service. Go to for more information.

Don’t forget to also include the State Pension in your calculations. You can find out about the current State Pension and get a forecast of what you might receive at

You may also have other assets and savings to take into account, for example property or other investments. 

Working out how much you need to live off in retirement can be tricky. It is likely that you will have a different lifestyle when you come to retire, and so different expenses. For example, the financial support you give to any children or other dependants may change, but you may have more time to go out and spend money.

The Department for Work and Pensions suggest that you might need the following levels of income when you retire, based on your earnings at work:

Earnings before retirement  Suggested amount of income you might need
 Less than £12,200  80% (£9,760 or less)
 £12,201-£22,400  70% (£8,541-£15,680)
 £22,401-£32,000  67% (£15,009-£21,440)
 £32,001-£51,300  60% (£19,201-£30,780)
 Over £51,300  50% (£25,650 or more)

Although this kind of table can be helpful, it’s worth you sitting down and thinking about your own circumstances and expectations for retirement. Consider what your expenses are likely to be (do you expect to have paid off the mortgage or downsized?) and how this will match your expected income (do you want to live off just your pension savings, or would you consider working in some way as well?). If you find you are not going to have enough money, you might want to think about how much you are saving and the age you plan to retire.  

You can retire at any time between aged 55 and 75 (the minimum age will increase to 57 from 2028).

When considering the age you want to retire remember that:

  • If you retire early, your Account may be smaller and will need to last you longer.
  • If you retire later, your Account may be larger and will not need to last as long.

You may also want to check when you can take your State Pension. The age you can take it from will depend on when you were born. You can find out exactly what age you can get your State Pension at If you plan to retire before your State Pension starts, you will need to check your other savings are enough to live off until you reach State Pension age.

The Aegon website not only tells you what your Personal Account is currently worth, it also provides a very useful modelling tool to help you plan for your future.

You can use the budgeting tool to help you get an idea of the income you might need in retirement to meet your needs. You can then use the modelling tool to get an indication of the income you might receive in retirement. The modelling tool will also help you to see how increasing your contributions, switching your investments or changing your Target Retirement Age may influence the future value of your Account.

You can log in to your account at

Once you’ve looked at how much you’ve currently got and worked out how much you need, you may decide that you need to:

If you’re unsure about what to do to plan for your retirement, you can get advice from an independent financial adviser. Advisers charge for their services and you can find one in your area by going to