Retirement

It’s a good idea to start planning when you’re nearing retirement age. Here’s a checklist of things to do so that you’ll be ready:

• work out what money you’ll have coming in and think about how your spending might change once you’re retired – the budgeting tool can help with drawing up a budget
• if you get benefits, let the benefit provider know when you’ll retire – you might have to claim a different benefit or the amount you get might change
• check whether you’re entitled to any new benefits - you might be able to get benefits like Carer’s Allowance, Housing Benefit or Council Tax Reduction
• work out how much is left to pay on your mortgage (if you have one) – you might want to pay off what’s left with a lump sum, but you should get financial advice first
• You can get an estimate of how much State Pension you could get on GOV.UK. This is called a State Pension Statement.
• track down any pension providers that you’ve lost contact with – the Pension Tracing Service can help with this. Call them on 0845 6002 537 or use their online form to find a lost pension
• get in touch with all your pension providers and let them know you’re planning for retirement – they’ll usually send you important information about your pension
• get financial advice or help from Pension Wise if you have a personal pension so that you know your options for how to take your pension – you might have to pay for financial advice but it can save you money in the long term
• consider leaving your pension pot to someone when you die – there’ll be tax implications for doing this, so you should talk to your pension provider or an independent financial adviser