To you, retirement spending could look like cruises, holidays and chilling out in your garden. But this’ll all depend on your retirement income. Whatever money you’ll have when you retire could be made up of some of these sources:

• Your State Pension (currently worth a maximum of £221.20 per week in the 2023/24 tax year).
• Private pensions.
• Workplace pensions.
• Other savings.
• Inheritance.
• Sale of assets such as property or cars.

Remember, the actual amount of state pension you get depends on how much National Insurance you’ve paid over your working life. As this may not be enough to support your lifestyle after you stop work it’s a great idea to plan ahead and think about how much you’ll need for your retirement, especially if you’re planning on those around the world cruises! If you’re hoping for a more modest retirement then of course you won’t need as much in your retirement fund.

It’s never too early or too late to start this fund. Even if you are just starting out saving for retirement or you’re nearing the age of retirement, focus on your saving as much as you can. Here are six ideas to boost your retirement fund.

1. Concentrate on regular savings 

Try to pay your future self via your pension each month, even just a little bit. An extra £10 or £20 into your pension pot each month can really add up over the years. This’ll be on top of your usual contributions and your employer’s contributions too. Remember to calculate how much you think you'll need for retirement to make sure that you’re saving enough.

2. Combine pension pots

If you’ve had more than one job over your lifetime then you could have more than one pension. Combining them could make it easier for you to see your total fund. Make sure to check what type of pension they all are before you move them as you could be charged. We'd recommend speaking to a financial adviser about this if you’re unsure about anything.

Not sure if you’ve had a pension at a particular workplace? The Government has a handy page that can help you find lost pensions.

3. What about other savings?

Do you have other savings accounts as well as your pension? Don’t forget to include these when you think about your overall retirement fund. It could be possible to move your savings to a different account and benefit from a higher interest rate to boost your overall pot.

4. An extra year or two?

You don’t have to retire when your employer tells you to if you think you may want or have to continue working, in order to afford retirement. The longer you defer your pension, the more time it has to grow. If you do want to do this, make sure to let your pension provider know that you plan to retire later.

5. Big boosts

You can add lump sums to your pension if you receive inheritance, a lottery win (if only!) or even sell an asset that you no longer need like a car. You can add this lump sum into your pension pot to benefit on the growth.

6. Side hustle

Making a little extra money on the side can be a boost to your pension income once you’re retired from your main career. If you have a talent or skill and want to share it with others you could easily make an extra few quid to spend each month. Remember to bear in mind the additional income tax that you might need to pay and chat to HMRC if you need any advice.

There we have six ways to boost your retirement fund and make sure that you are as comfortable as you can be later on in life for the lifestyle you’re planning. Who’s for a trip to the travel agent?