Pension advice needed! Only £600 pa final Pension

[L0stinCyberspace]

I'm really desperate for some solid financial advice on my pension. I've never had jobs that had pensions until fairly recently. I'm 50. My pension statement says I'll get a woeful £600 per annum on retirement. What can I do to bolster this? I can save £300 extra a month but is this even going to make ANY difference to my retirement or should I just accept retirement will be very straightened circumstances?

@Cocomarine I may be wrong but I thought you could access a private pension at 55?

[quote MRSAHILL]@Cocomarine I may be wrong but I thought you could access a private pension at 55? [/quote]
It's increasing to 57 in April 2028.

www.gov.uk/government/publications/increasing-normal-minimum-pension-age/increasing-normal-minimum-pension-age

State pension age is currently 67 years not 65 as some have posted .
In 15 years time it may be higher as there is talk of increasing it to 70 by 2028 and 75 at some point !
So a private pension can be useful as you might be able to work less hours in late 60s while waiting for state pension or the workhouse.

An extra £300 a month for 15+ years will definitely make a significant difference. Also do check out you state pension situation like a PP said, it's so worth buying extra years if you need to. You can also put lump sums into a pension, my Mum did this when she inherited money and that made a big difference to her pot too. You may not be able to do that with your workplace scheme but you might be able to drip feed something in instead of you were to come into some money. IIRC you can contribute up to 100% of your salary in any given year but only get tax relief on the first £40,000.