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?
- How much your State Pension could be?
- 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 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.
Legal & General provides a retirement advice service. We can help you decide what type of advice or guidance might suit you best and let you know more about fees and charges. To be eligible, you must live in the UK and have a total pension pot of £20,000 or more.
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.
Watch the video for information about preparing for retirement including defined contribution pension options.