Like regularly checking bank accounts and budgets, it is a good idea to check pension savings at least once a year. January is a good time as many people start the year with good financial planning resolutions and renewed intentions.
For those in defined contribution pensions, it's worth using a pension savings modeller or pension accumulator regularly, like ours here.
This type of tool shows what income you might expect from your pension in retirement and highlights any gaps from the level of income you would like. Good tools will also allow you to see the effect of changing things like the date of retirement, contribution levels and where your pension is invested.
Even small changes can make a difference so there is a real benefit to raising awareness and forward planning.
Anyone at or approaching retirement has a lot to think about since the introduction of the government’s pensions freedoms. Meanwhile the millions of people now saving into workplace pensions thanks to the auto-enrolment scheme, as promoted by businesswoman Karren Brady (pictured), are wondering whether the amounts they are contributing will be enough for a comfortable retirement.