Step 4: Arriving

The next chapter of your life is just around the corner – it’s time to make the most of your pension. Plan your retirement here.

If you’re at this stage of your retirement planning, it’s likely you’re 12 months or less from your selected retirement age and are looking to take your money. You’ve worked hard and have put some of the money you’ve earned into your pension – now’s the time to make decisions to enable you to enjoy the next chapter of your life.

You should consider how and when you want to retire, so that means taking time to think about things like:

  • How much money will you have? 
  • How long will it need to last?
  • Is your chosen retirement age right for you?
  • What are your options? 
  • What your life will look like in retirement – how will you spend your time? Does your chosen retirement option work in line with your plans?

It’s a really good idea to get guidance at this stage if you haven’t already done so. Pension Wise is a free and impartial service backed by the government who will help you make sure that the decisions you’re making are the right ones for you.

Planning your retirement »

You’re now deciding how to take your money. Here are a few things you should consider to help you with your planning.

How much money will you have? » Your State Pension » How long your savings will need to last » If your plans change » What happens if you die after retiring »
Your options at 55 »

You have the flexibility to decide when and how to use your savings.

Investing in retirement »

It's important to ensure your pension pot is invested in a way that matches how you plan to take your money.

Pension Wise »

A free and impartial service backed by the government who will help you make sure that the decisions you're making are the right ones for you.