When you get to 10 years from taking your savings pot, it’s a good time to start thinking about your goals for your future – what you would like your life to look once you stop or cut down your working hours, how you will get there and whether you are on track?

How much will be enough?

  • Get into some good habits

    Once you're around 10 years from when you want to retire, it's good to get into the habit of keeping a regular, close eye on your savings pot and how much you've got saved to reach your goals. You can add to it if you need to.

    How to pay more
  • Keeping track of your savings pot

    You can find out how much you've saved by logging in to your Retirement Savings Account and looking at your most recent benefit statement.

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A planning checklist can help with how much you need for later on

There are lots of factors to think about, here are few to help you get started.

  • Think about what you spend your money on now. Will your spending be the same when you’re working less, or stop working altogether?

  • Consider how long you'll want your money to last

  • Set a goal for what you need when you're no longer working

  • Find out where else your money may come from apart from TPT savings

  • Look at your total savings and see if you’ve saved enough (and if not, see if you can save more)

Did you know that although the assumed age for when you take your savings pot with TPT is 65, you currently have the option to take your savings pot from age 55?

Choosing when to take your savings

It's important to review the age you’re thinking of taking your savings at as you get closer to it. If your circumstances change, or you need more time to save, you can update it.

  • Read our step-by-step guide to getting you ready for when the time comes

    Find out more
  • Investing as you approach your chosen retirement age

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Are you on track to reach your goals?

Your plans might change over the years, but thinking about them now can help you to get your savings in shape - and make your personal and financial goals more achievable.

Setting your goals

Are they affordable?

Your options from age 55

Your options at retirement – you could choose one or more of:

Note: If you want to take an annuity, or keep your money invested and access lump sums from it when you need it, you'll need to transfer your money to a suitable provider. In some cases, you’ll need to take independent financial advice

Not registered yet?

If you haven't registered for your Retirement Savings Account yet, click here to find out how you can do it