Planning for retirement is something that is best started early. Defined contribution pensions, now  the main savings tool for many planning their retirement, depends on 4 things for a more financially secure retirement:

- The longer you save - so the earlier you start the better

- The more you save - so you should save as much as you can afford and review whether you can increase this or make one off payments such as from bonuses or share scheme maturities

- How your pension fund is invested - you should regularly review where your pension is invested to ensure it is in line with your circumstances, needs and attitude to risk

- When you start taking your pension - the less time your pension has to fund in retirement will generally mean the higher your potential retirement income.

To help plan for retirement it is a good idea to use a pension saving modeller regularly and check the difference that say delaying retirement for a couple of years, or saving an extra £10 per month will make to your retirement plans. 

Have a look at our easy to use modeller here

Please be aware, the value of investments can fall as well as rise; past performance is not a reliable indicator of future results and you could get back less than invested.