From 5 years before your retirement

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

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 MoneyHelper 'Budget Planner' to see your likely income and expenditure.

• Picture your retirement
• Take stock of your money
• Retirement planner tool
• How much will I need tool
• MoneyHelper Budget Planner

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
• MoneyHelper: 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, a government service from MoneyHelper. 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
• MoneyHelper: Dealing with debt

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.

• MoneyHelper: How to start a business or become self-employed

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.