FWB_v1

If you haven't already, start thinking about what you're future might look like and how you'll pay for it.

You can use the Money Advice Service 'Budgeting in retirement' worksheet to see your likely income and expenditure.

If you have a shortfall, think about whether you can bridge the gap by increasing your savings or changing when you retire if you can.

• Picture your retirement
• Take stock of your money
• Retirement planner tool
• How much will I need tool
• Money Advice Service Budgeting in retirement worksheet

You'll still be getting benefit statements from any pensions you have, including your current pension pot and any pots from previous employers. If you don't receive an annual benefit statement from any defined benefit (DB) schemes you may have, you can request one from your scheme.

Keep an eye on how your pensions are doing, what they are worth and the retirement benefits you could get from them.

You may also start to receive letters or other information from your pension providers or the trustees of the schemes you have about your investment options as well as your options at retirement, usually from about 10 years from your selected retirement age.

There's still time to think about increasing your contributions or making one off contributions to your defined contribution pension plan if you can.

• Learn more about saving for retirement including the different types of pensions
• Money Advice Service: Pensions and retirement

If you've got pension pots with previous employers, you can normally transfer them into one plan.

Keeping your pension savings in one place could make them easier to manage, cost you less and give you greater choice, but it might not be right for everyone.

If you've built up any benefits in a defined benefit (DB) scheme, it is usually best to leave these where they are. To ensure that people don't lose out on these valuable pensions by mistake, the Government requires anyone who wants to transfer a defined benefit (DB) pot of more than £30,000 to take financial advice.

• Get all your pensions into one place
• Manage Your Account

If you have a defined contribution pension plan, it's important to  ensure that your pension savings are invested in a way that reflects your circumstances and the way you want to take your money at your selected retirement age, particularly if you’re 10 years or less from retirement.

When you want to retire, how far away you are from it and how you plan to take your money could all impact where it is best to invest your pot.

Check with your pension providers as they may have guides to investing as you approach retirement available.

If you have built up benefits in a defined benefit (DB) scheme, you already know what pension income you will receive and the trustees of that scheme take care of all the investments for you.

• Manage Your Account
• Learn about saving for retirement including the types of pension plans

It's worth finding out what your State Pension will be and at what age you can claim it. This may be different to your partner.

You may find there are gaps in your record and there may be ways to increase your State Pension if you won't have 35 years of National Insurance contributions by the time you retire.

• Learn about the State Pension
• Find out your State Pension age
• Get your State Pension forecast

You can access your defined contribution pension savings at your selected retirement age, or any time from age 55, whether or not you've stopped working.

You may be able to access them earlier than this if your original scheme had a protected retirement age, or if you're in ill health. If you get close to your chosen retirement age and decide you don't want to take your money yet you can also delay taking money from your pension pot.

But you should think carefully before proceeding or your money could run out sooner than you think. Reaching the age of 55 isn't a deadline to act. Leaving your money invested will give it more time to grow but it could go down in value too.

It's important you shop around to find the best option for your personal circumstances and income goals. It's a big decision so it's worth comparing what each provider can offer.

If you have any retirement income benefits from any defined benefit (DB) schemes your benefits will become payable at the scheme's retirement age. You may be able to take your benefits sooner than that age but it may reduce the income you receive. You may also be able to take your benefits later, which may increase the benefits you receive.

Depending on your scheme, you might be able to take your pension from the age of 55, but this can reduce the amount you get.

You can also delay taking money from your pensions.

• Learn about accessing my pot

If you were to die before or after taking retirement income, you can tell the scheme who you would like to receive what is left in your pot or who you want to receive any retirement income by nominating beneficiaries.

Contact your pension provider or scheme to make sure you have nominated your beneficiaries or that they are up to date.  

From age 50 you are entitled to free and impartial guidance with a pension specialist from Pension Wise. You'll talk about the options you have for taking your pension money.

Your appointment will last around 45 to 60 minutes and they will:

• explain your pension options
• explain how each option is taxed
• give you next steps to take.

• Pension Wise website
• Book an appointment online

Start thinking about any outstanding debts you have including a mortgage and when you'll have these paid off. If you're thinking of retiring early or think you might still have debts when you retire, think about whether you can start to pay these off more quickly now if your situation allows.

• Manage your debt
• Money Advice Service: Debt and borrowing

Find out what your employer's policies are. If you're thinking of reducing your hours soon, speak to your employer.

If you're thinking about starting a business in retirement it might be worth starting to put a plan together or even getting it started now so that it has time to build up before you retire.

• Money Advice Service: Starting a business

If you haven't already, start thinking about what you're future might look like and how you'll pay for it.

You need to have answered some key questions about what the next phase of your life will look like. If you haven't done this yet, we'd recommend you set aside time to think this through or talk about it with your partner or family.

You'll need to take stock of what your retirement finances will look like to work out when you could retire and the lifestyle you’ll have.

If you haven't done this yet we'd recommend you set aside some time to gather all your documents together, get the latest values for your pensions and savings and perhaps get some guidance or advice.

You can use the Money Advice Service 'Budgeting in retirement' worksheet to see your likely income and expenditure.

• Picture your retirement
• Take stock of your money
• Retirement planner tool
• How much will I need tool
• Money Advice Service Budgeting in retirement worksheet

You'll still be getting benefit statements from any pensions you have, including your current pension pot and any pots from previous employers. If you don't receive an annual benefit statement from any defined benefit (DB) schemes you may have, you can request one from your scheme.

Keep an eye on how your pensions are doing, what they are worth and the retirement benefits you could get from them.

As you get closer to your selected retirement age, you may start to receive letters or other information from your pension providers or the trustees of the schemes you have about your investment options as well as your options at retirement.

There's still time to think about increasing your contributions or making one off contributions to your defined contribution pension plan if you have one.

If you have a shortfall in the income you need, one option might be to delay taking your pension income by changing your selected retirement age.

• Learn more about saving for retirement including the different types of pensions
• Money Advice Service: Pensions and retirement

Your pension plan will have a selected retirement age which may be exactly when you want to retire or it may not be. You might find that some of your pensions have different selected retirement ages.

Think about whether you want to take them all at the same time.

If you want to change the selected retirement age, it's important to get in touch with the providers to let them know as this may affect where your money is invested or the benefits you receive.

If you've got pension pots with previous employers, you can normally transfer them into one plan.

Keeping your pension savings in one place could make them easier to manage, cost you less and give you greater choice, but it might not be right for everyone.

If you've built up any benefits in a defined benefit (DB) scheme, it is usually best to leave these where they are. To ensure that people don't lose out on these valuable pensions by mistake, the Government requires anyone who wants to transfer a defined benefit (DB) pot of more than £30,000 to take financial advice.

• Get all your pensions into one place
• Manage Your Account

If you're less than 12 months away from your selected retirement age, you may already know when and how you intend to take your money.

If you have a defined contribution pension plan, it's important to ensure that your pension savings are invested in a way that reflects your circumstances.

When you want to retire, how far away you are from it and how you plan to take your money could all impact where it is best to invest your pot.

Check with your pension providers as they may have guides to investing as you approach retirement available.

If you have built up benefits in a defined benefit (DB) scheme, you already know what pension income you will receive and the trustees of that scheme take care of all the investments for you.

• Manage Your Account

You should find out what your State Pension will be and at what age you can claim it This may be different to your partner.

You may find there are gaps in your record and there may be ways to increase your State Pension if you won't have 35 years of National Insurance contributions by the time you retire.

You can also consider deferring your State Pension if you want to which will increase the amount you get when you do choose to start receiving it.

• Learn about the State Pension
• Find out your State Pension age
• Get your State Pension forecast

You can access your defined contribution pension savings at your selected retirement age, or any time from age 55, whether or not you’ve stopped working.

You may be able to access them earlier than this if your original scheme had a protected retirement age, or if you're in ill health. If you get close to your chosen retirement age and decide you don’t want to take your money yet you can also delay taking money from your pension pot.

But you should think carefully before proceeding or your money could run out sooner than you think. Reaching the age of 55 isn’t a deadline to act. Leaving your money invested will give it more time to grow but it could go down in value too.

It's important you shop around to find the best option for your personal circumstances and income goals. It's a big decision so it’s worth comparing what each provider can offer.

If you have any retirement income benefits from any defined benefit (DB) schemes your benefits will become payable at the scheme’s retirement age. You may be able to take your benefits sooner than that age but it may reduce the income you receive. You may also be able to take your benefits later, which may increase the benefits you receive.

Depending on your scheme, you might be able to take your pension from the age of 55, but this can reduce the amount you get.

You can also delay taking money from your pensions.

• Learn about accessing my pot

It might be worth thinking about your various pensions and savings as pots of money you'll use for different spending and different phases of your retirement.

For example, you may want a flexible income as you transition to retirement and do all the things you want to do. Another idea is to have a pot you can dip into that pays for holidays, a new car or home improvements.

Think about your later years too, perhaps you'd like to make sure you have a guaranteed income for life or something left over to leave for loved ones or pay funeral expenses.

From age 50 you are entitled to free and impartial guidance with a pension specialist from Pension Wise. You'll talk about the options you have for taking your pension money.

Your appointment will last around 45 to 60 minutes and they will:

• explain your pension options
• explain how each option is taxed
• give you next steps to take.

• Pension Wise website
• Book an appointment online

Now that you're close to retiring it may be time to receive personalised advice from a financial adviser.

Advisers usually charge for their services. You may be able to pay for financial advice directly from your pension pot. Ask your financial adviser for details.

Your employer may provide access to free or discounted financial advice as you approach retirement, so do check with them.

Find an adviser in your local area at unbiased.co.uk.

Review any outstanding debts. Will they be paid off by the time you retire? Can you pay them off faster? Have you factored in any outstanding debts to the income you'll need in retirement?

• Manage your debt
• Money Advice Service: Debt and borrowing

Find out what your employer's policies are. If you're thinking of reducing your hours soon, speak to your employer.

If you're thinking about starting a business in retirement it might be worth starting to put a plan together or even getting it started now so that it has time to build up before you retire.

• Money Advice Service: Starting a business

Speak to your employer about the support they might be able to offer as you approach retirement.

Start looking into the hobbies you've always said you'd take up.

If you're planning to spend more time looking after grandchildren, investigate local activities in your area.

If you're planning to downsize/extend your home or move to another location, start investigating your options.

Budget for any holidays you've always wanted to take.

It's time to start putting your plan into action whether you continue to work, start taking some of your retirement income or start booking those holidays you've always wanted.

You’ll need to contact your pension providers to start accessing your pots or to receive any defined benefit (DB) pensions you have.

You'll need to claim your State Pension, it isn't usually paid to you automatically when you reach your State Pension age.

You should receive a letter about four months before telling you what to do. You can also claim online.

• Get your State Pension
• The Pensions Advisory Service: Claiming State Pension

From age 50 you are entitled to free and impartial guidance with a pension specialist from Pension Wise. You’ll talk about the options you have for taking your pension money.

Your appointment will last around 45 to 60 minutes and they will:

• explain your pension options
• explain how each option is taxed
• give you next steps to take

• Pension Wise website
• Book an appointment online

Now that you’re close to retiring it may be time to receive personalised advice from a financial adviser.

Advisers usually charge for their services. You may be able to pay for financial advice directly from your pension pot. Ask your financial adviser for details.

Your employer may provide access to free or discounted financial advice as you approach retirement, so do check with them.

Find an adviser in your local area at unbiased.co.uk. 

Some people fail to claim benefits they are entitled to in retirement, so do check what you may be eligible for.

The Money Advice Service has a list of benefits in retirement including ways to find out if you're eligible.

• Money Advice Service: Benefits in retirement

Depending on the circumstances, some employers have support packages available to help staff make the transition between work and retirement. For example, if you’ve been made redundant or forced to retire due to ill health, your former employer may offer access to financial advice or counselling as part of your settlement arrangements. It’s worth asking what’s available through your former workplace to help you adjust.

For some people retiring is a dream come true, for others it can feel scary especially if your job was a large part of your time and social life. Remember to look after yourself and your mental health.

• Support your mental wellbeing

Earlier on in retirement you're likely to have more energy for any physically demanding hobbies and things like travelling than you might have later on. This period is often referred to as the 'active' years of retirement. As you get older, it's more likely, though not inevitable, that you'll want to take things at an easier, slower pace – let's call these the leisurely or later life years.

It's worth making sure you plan for both stages and think about the support you may need.

It can come as a shock to find yourself without work – not just because of the financial impact but because of the loss of your routine. Many people also have a strong sense of identity that's strongly linked to their job. If you're struggling to come to terms with your new status as a retiree, your GP may be able to suggest some sources of support to help you through.

There are also lots of free resources online to help you.

• Mind
• Age UK

You may find that you've got more time for hobbies. Find out if there's anywhere local to you that can support your hobbies. Lots of local councils provide information on their websites or via newsletters about what's on in their area. Local newspapers, libraries and community buildings like town and parish halls can also be great places to find information about what's available.

Now you've retired, you may spend more time in your home than before and be able to focus on the space you've got. Is it too big/too small, not in the location you always dreamed of, or does it need some de-cluttering? It's worth thinking about whether you want to make any changes to suit your new lifestyle and what you can achieve with the income you'll now have.

It's been said that to travel is to live. Whether you fancy getting in the campervan more often, or travelling the world, now could be the right time to get up and go. You can start book those trips you've always wanted to make and budget for them. There are lots of travel sites and guides available to offer advice on the deals and costs to consider.

Retirement can be a tricky time. As well as missing the income, you may also miss the routine of regular work and the interaction with colleagues. Even before retirement, some people can feel their lives lack purpose or they long to meet people beyond their existing circle of friends and workmates.

So whether you're motivated by a desire to help others, make new friends or simply to keep active, volunteering can provide a way to do it.

You might already be aware of local charities or organisations you want to help, but if you're not sure where to start the Royal Voluntary Service has lots of information to help you.

You can also try 'Do it' which is a database of millions of volunteering opportunities.

• The Royal Voluntary Service
• Do it

Earlier on in retirement you're likely to have more energy for any physically demanding hobbies and things like travelling than you might have later on. This period is often referred to as the 'active' years of retirement. As you get older, it's more likely, though not inevitable, that you'll want to take things at an easier, slower pace – let's call these the leisurely or later life years.

It's worth making sure you plan for both stages and think about the support you may need.

Make sure your will is up to date – or have one drawn up if you don't have anything in place.

Thinking about the future, and the possibility that you might lose your mental capacity and be unable to understand and make your own decisions, can be difficult. But it's important to think about who you'd like to help you if you couldn't do it anymore in advance and talk this over with your family or friends. Think about setting up and registering a Lasting Power of Attorney.

Inheritance tax is a tax that may be due on your estate after you have died. Your estate includes all your property, money and possessions. You might need to start thinking about how to make your arrangements as tax efficient as possible.

• Later life planning

It can be such a worry when you start to need extra help. But you don't have to cope alone – there are several services that can support you.

• Finding care
• Paying for care

Whether you stay in your home, move in with friends or closer to family, join a retirement village or need a bit more support, Age UK has some good resources to help.

• Age UK

It's important to keep active and look after your physical, mental and emotional wellbeing, especially in your later years.

Age UK has lots of tips and useful information to help you.

• Age UK