Your transition to retirement

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
• MoneyHelper: State Pension: an overview

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. 

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

MoneyHelper has a list of benefits in retirement including ways to find out if you're eligible.

• MoneyHelper: 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