First step to managing your money in retirement – review it online
MoneyPlus Features Team | December 18, 2017
Time to read: 3 minutes
The good news is life expectancy is on the increase. So when drawing on your pension savings you’ll want to make sure they can last.
That’s why it’s incredibly important to keep track of what you’ve got, and we can help with our online retirement review tool. Let us show you how.
Making your pension savings last
If, when you begin to access your pension pot, you choose to take a flexible income or cash lump sums, then managing your money can become a bit of a balancing act.
Yes, it could be a good idea to leave some money invested with the possibility for it to grow further. While having control over how much to take and when. But it’s really important to understand the impact that withdrawing money can have on how long the rest of your pension savings could last.
Taking too much could mean your money runs out sooner than you might have anticipated. And there’s also the possibility your investments might fall in value
That’s why it’s important to keep a close eye on what’s happening with your pension savings.
Your online retirement review tool
Our research has shown that around 1 in 5 pension plan holders have never reviewed their pension.
“It’s vital that you review your pension on a regular basis to make sure you’re not spending too much and that your investment choice continues to match your goals,” says Jennifer Clarke, Customer Consultant with Standard Life.
We’ve developed our online retirement review tool to help you do exactly that. It’s one quick and simple way for you to keep on top of your pension savings when you’re making withdrawals.
Our online review means, if you’re taking a flexible income or cash lump sums with us, you can:
- Check your plan value, any remaining tax-free cash and the withdrawals you’ve made to date
- Calculate how long your money might last
- Check if your investments still match your plans
- And see what other options are available
Accessing the tool is easy, it just takes 3 simple steps. All you need to do is:
- Login to your dashboard on standardlife.co.uk
- Click ‘my retirement’
- And ‘review your plan’
Control and peace of mind
Remember pension investment returns aren’t guaranteed. Values can go up or down and may even end up worth less than you paid in.
By creating this tool, our hope is that it can help give you some peace of mind. You’ll see how your pension savings are doing and have the opportunity to adapt things if and when you need to. Helping you relax and enjoy the retirement you deserve.
Not registered for online services yet?
If you’re interested in using the retirement review tool and you’re not registered for our online services, don’t worry it’s simple to register, and only takes a few minutes of your time.
You’ll just need your plan number and access to email.
This blog and any responses are not financial advice and the information here is based on our understanding in December 2017.