Step 4: Arriving

If you’re at this stage of your retirement planning, it’s likely you’re 12 months or less from your Target 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 savings – 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 Target Retirement Age right for you?
• 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’re aged 50 or over.

You can also choose to receive personalised advice from a financial adviser. You can find one in your local area at www.unbiased.co.uk.

If you don’t wish to find your own adviser, we have teamed up with LV= who provide a telephone retirement advice service. You can find more information on the Advice at retirement website or via the links below:

• Introduction Leaflet
• Planning Ahead Flyer
• Pension options booklet
• Seminar Pack

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.