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Approaching retirement

If you're approaching retirement, it's important to start thinking about what you want it to look like and how you're going to fund it. 

Think about your retirement goals

Do you want to retire in the near future, or are you thinking about the next 10 or 20 years? Do you plan to spend your time travelling the world, or are you looking forward to a slower pace of life? Having an idea of when you want to retire and what you want retirement to look like will help you understand how much you need to have saved and how much you still need to tuck away.

Know where you stand today

Having an idea of how much your retirement savings are worth is an important part of planning for your retirement. 

Some key points to keep in mind: 

  • The new State Pension for 2024/25 is £11,502.40
  • The Retirement Living Standards suggests a moderate income in retirement is £31,300 per year for a single person living outside of London - this doesn't include housing costs like rent or mortgage
  • It might be helpful to have all your pension pots in one place. It's not right for everyone - you could lose some important benefits or end up paying higher fees. Our article on tracking down lost pension pots explains more

Your options for accessing your pension pot and the tax you might pay

 You can start drawing your workplace or personal pension at 55 (rising to 57 from April 2028). If you get close to your chosen retirement age and decide you don't want to take your money yet, you can delay taking money from your pension pot.

Once you decide you want to start taking a retirement income from your pension savings, you need to think about what that looks like. You might want to learn more about how your income will be taxed as well. We've shared useful guides to explain how all this works below. 

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Retirement planner

Use our retirement planning tool to experiment with the income you could achieve in retirement.

Next steps

  • If you're over 50, make an appointment with Pension Wise, a free and impartial government guidance service.
  • If you think you need to speak to a financial adviser you can find one at Unbiased - you'll probably need to pay for their advice.
  • Check when you'll be able to claim the new State Pension and your State Pension forecast at gov.uk.
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How to track down your old pensions

If you’re beginning to think about your retirement, having a good understanding of how much your pension is worth can make planning easier and more exciting.
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What age can I retire?

Whether you're nearing retirement or considering working into your 70s and beyond, there's plenty to think about. We look at a few things that might help you choose the right retirement age.
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What tax will I pay on my pension pot?

If you’re looking forward to retirement, it’s good to know the best way to take your money without paying too much tax on your pension savings.
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Retirement planner

Use our retirement planning tool to experiment with the income you could achieve in retirement.
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Accessing your pension pot

Choosing when and how to take money from your pot is one of life’s big decisions. Here we explain the main ways you can take an income or lump sums from your pension pot.
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Take stock of your money

It's vital to take time to assess what you'll have to work with to help you create your plan or make changes if you need to.
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What is an annuity?

What is an annuity? We explain what annuity means and if an annuity is a good idea for you.
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Annuity vs drawdown – what's the difference?

Annuities and drawdown are the two main ways of taking a regular income from your pension pot. We look at how the two retirement income products work and how to find out more.
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What is pension drawdown?

Find out what pension drawdown is and how this retirement income product could be right for you.

Planning for retirement

If you’re planning for retirement, our retirement planning tools can help show you how much you’ll need to enjoy the retirement you want.
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Later life planning

As you get older in retirement your needs may change.
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Tools and resources

Here you'll find all of the tools and resources available to help you gain financial happiness.