It can be easy to overspend in the festive season, but January is a great time to reassess your finances and savings.
Wherever you’re at in your pension journey, whether you’re new to the Scheme, approaching retirement or somewhere in the middle, you can use this Financial Wellness month (January 2024) to set new saving and budgeting goals to help you have a great year, and a stronger financial future.
Here are some useful tools, hints and tips to help you boost your financial wellness for 2024.
Get familiar with your pension
Your member website is the best place to go to for information on your pension, and more. It’s a one-stop-shop for everything you need to know about saving with the Scheme, and has some useful forms, a glossary, answers to questions members often ask, information on pension scams as well as some handy guides and more in-depth Scheme documents. It’s the best way to get to know the Scheme and your pension. If you have any questions, you can always reach out to the administrator of the Scheme on 0345 112 0025 or at amey@railpen.com
Check out the Lifestyle costs in retirement page to see how much you might need for a decent life after work
The information on the Lifestyle costs in retirement page can be used as a quick and easy tool to help you see if your savings are on track for the life you want after work.
This will help you to get a rough estimate of how much you’ll need to save for your desired future. It’ll help you get a clearer vision of what you need to save now for the life you want after work.
Request an estimate of your benefits
You can request an estimate of your pension anytime. You can do this over the phone or via email.
Use the Retirement Living Standards to get a picture of what retirement may look like for you, financially
The Pensions and Lifetime Savings Association’s Retirement Living Standards help you understand your predicted lifestyle in retirement based on the type of income you might have. They show what later life may look like at three different financial levels, and what you might be able to enjoy, or live without. Considering the Standards is a good way to assess your current financial circumstances and take practical steps to tweak your saving habits now, if need be.
Get some advice if needed
Visit MoneyHelper to get free advice on getting rid of some debt. You can also speak to a financial advisor if you’re unsure about your pension.
Pension Wise, by MoneyHelper, is a free service backed by the government, which provides impartial guidance on financial matters relating to defined contribution pension pots for over 50s. Call them free on 0800 011 3797.
Visit the Government website, which offers clear information on a wide range of financial issues. The 'Workplace and personal pensions' section in particular addresses a variety of pension-based topics in a handy A to Z list. There is also a separate section on the State Pension.