XPS Administration - IBM Pension Trust

Deciding How Much to Save

Updated on 26 May 2021

If you save and invest more into your Retirement Account now, you’ll have more when you retire. But, you also need to think about how much you can actually afford.

Retirement may be a long way off for you; if so, your plans may be vague or even non-existent. But, you can start by thinking about what you might expect your retirement to look like:

  • Do you hope to retire at Normal Retirement Age or retire earlier/later than this?

  • Do you have a family or think you’ll have one in the future? What ages might your children be when you reach retirement age?

  • Do you think you’ll own a house or a car? What about any other assets?

  • What might you do in retirement? Do you think you’ll have similar leisure interests to those you have now.

Think about how much money you will need for:
  • Financial commitments – e.g. mortgage

  • Living expenses

  • Repairs or renovations

  • Leisure interests

How much can I afford?

This will vary during your working lifetime. You should think ahead to maximise what you’re saving each year.

Check your progress

Download this worksheet to review your retirement saving progress.

Find out about the two ways you have to pay more into your Retirement Account.

Find out more about the Enhanced M Plan here.

Updated on 26 May 2021