When trying to work out how much you need to save for your pension, firstly work out what your pension or investment forecast is, then you need to answer the following questions we have outlined below before you can estimate whether or not this will be sufficient.
The earlier you retire the more money you will need. We do not know when we will die so we have to make an educated guess at this and presume we need 20-25 years worth of pension, based on a retiring age of 65.
Not everyone wants to retire at all, and may well work until they can no longer or reduce their hours. If you expect you will have an income factor this into your pension planning.
There are a number of ways you can do this as outlined below. The further you are from retirement the less rigour is needed, as you get closer to retirement you will have more detail and therefore be able to have a more accurate figure in mind.
Auto-enrolment for a company pension
SIPPS in detail
Self invested pension providers (SIPPS) guide from Money helper
Best rated SIPP providers
Find your pensions - Government
If you can not find an old pension the Government offers a service to find it.
Find your pension app
If you know some details about your pension this app will try and find your pensions.
Pension & Lifetime Savings Association - guidelines on retirement
Life expectancy Calculator
Understanding how long you will live will help you decide how much money you will need to retire on.