Are you on track?

Having something to aim for helps you work out the steps you need to take to achieve your goals. This is true for fitness and also your money, including your retirement savings.

How to set your goals and check you’re on target

Read the steps below to find out more about goal setting and checking you’re on track for a financially fit retirement.

  • Think about what your retirement goals are

    What would you like to do when you stop working? Carry on with life without making too many changes? Move abroad, travel or realise a long-held ambition? Decorate, garden more, take up new hobbies?

    With more free time than you’re likely to have ever had, it's useful to think about the shape of your retirement so you can see how your finances can help you achieve your goals.

    And with most goals, there’s usually a target date, so if you haven't done so already, think about when you want to stop working. Find out more about how you can shape your retirement by clicking here.

  • Set yourself a financial target

    Your Morgan Sindall Retirement Savings Plan annual statement includes a target level of retirement income based on a proportion of your salary. However, there are other ways of setting a target that is right for you:

    • New targets have recently been developed that aren’t simply based on your current income or standard of living, but are designed to help you picture the lifestyle you want when you retire – minimum, moderate or comfortable [link to the relevant PLSA page] – and understand the potential cost of that lifestyle. Click here to read more.
    • The Money Advice Service pension modeller can help you set a target that is relevant to you and work out how much you might need to save now to achieve your target retirement income
  • Review the retirement savings you could get from the Plan and your State Pension

    Estimates of your pensions from the Plan and the State can be found in your latest Morgan Sindall Retirement Savings Plan pension statement.

    You can also log in to your account online for up-to-date information on your Plan pension

  • Find out what you are likely to get from other pension schemes

    All pension schemes must provide you with a statement that gives an estimate of the retirement income you could receive from that pension in retirement.

    If you are no longer receiving a statement, you can track down your old pension by contacting your former employer (if it was a company pension), the pension provider, or the Pensions Tracing Service.

  • Consider other sources of income or savings you have and could use in retirement

    These could be savings in bank accounts, ISAs, shares, property.

    The MoneyHelper pension modeller can help you plan your total retirement income based on your existing pensions and savings and the state pension.

  • Think about whether you need to change your level of contributions

    or make other savings in order to have the lifestyle you would like when you stop working.

This isn’t a one-time deal – so here are a few more tips about when you might want to review your target:

  • Changes in personal circumstances such as new additions to the family, or changes to your personal relationships, health or employment, could mean that your target will change. It might need to go up or down depending on what has changed.
  • If you’ve had to dig into your savings or there have been changes to the investment market, your retirement savings may need topping up.
  • Changes to regulations could affect your retirement income. So it‘s important that you review your target and what you may need to do to achieve it at least once every few years.