What does your happy retirement look like?
Discover your retirement personality
Ever wondered what your dream retirement lifestyle could look like? Our new retirement quiz draws on our in-depth retirement research to help you understand:
- What your retirement persona is
- Where to find the best places for retirees to live
Your retirement persona comes with a tailored summary, explaining why we think it matches you. And we’ll also tell you why we think your retirement hotspots are uniquely right for you.
It’s much more than just a top 10 retirement locations list. Whether you’re looking for a great place to retire on a budget or somewhere to live a truly luxurious later life, or anything in between, we’ll give you plenty of suggestions. And our list covers England, Scotland and Wales, so there’ll be a lot of choice in there.
You just need to answer five simple questions about your interests, and financial goals and needs. You’ll get your results instantly. Then all you need to do is start planning!
Getting your finances ready for retirement
If you're still saving for your retirement, think about consolidating your pensions. Bringing them all together in one place makes them easier to manage and you could save money on fees too.
If you have savings you may be able to pay them into your pension. If you need more flexibility, a stocks and shares ISA could be a good long-term saving option.
If you don’t have a pension, we’d recommend starting one. If your employer doesn’t provide one or you’re self-employed, setting up a personal pension is quick and easy.
If you’re not sure how best to save for your retirement, we’d recommend a chat with a financial advisor. Our own Retirement Advice Service can give you tailored advice and support.
Making the most of your pension when you retire
If you want the security of a guaranteed income, an annuity might be right for you. But it’s very important to choose the right one for you – once you’ve set it up, you can’t change it.
If you need flexibility, drawdown might be best. That lets you take money out of your pension whenever you need it. But you’ll need to plan carefully to make sure you don’t run out of money.
If you’ve built up a lot of equity in your home, it could be worth looking at a later life mortgage. It’s a loan secured against your home, so it’ll help you draw on that equity – without downsizing.
If you need a combination of all that, you can always mix and match these and other retirement income options. You don’t ever have to choose just one of them. To explore your options, use our Retirement Income Calculator. It’ll show you how much tax-free cash, monthly income or lump sum you could get with your pension savings.