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.

Whether you still intend to take your money at your selected retirement age, or want to change it, you should check that your money is invested in a way that reflects how and when you plan to take it. You've worked hard and put some of the money you've earned into your pension – now's the time to make decisions that help you enjoy the next chapter of your life.

You should consider how and when you want to retire, 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?
How much State Pension could you receive?
What are your retirement options?
What will life in retirement look like, and do your retirement plans fit with it?

Our Retirement Planner can help you prepare for retirement by showing how much income your pension savings could provide and how different retirement choices may affect your future plans. It's a useful starting point before exploring your retirement options in more detail.

Getting help to decide

It’s a really good idea to get guidance at this stage if you haven’t already done so. Pension Wise is a government service from MoneyHelper that offers free, impartial guidance about your defined contribution pension options. You can book an appointment once you are aged 50 or over.

Watch the video for information about preparing for retirement including defined contribution pension options.