Saving for retirement
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With many of us living longer, our attitude and approach to retirement has changed. Some plan to retire fully, while others may choose to continue working full time or gradually reduce their hours over a period of time. Whatever you decide, you can access your pension savings from age 55 and have the freedom to choose options that fit in with your retirement needs.
Your retirement income should be enough to cover your day-to-day expenses and provide an income for any dependants after you die. Now that many people live for 30 years or more after retirement, you’ll need to make sure you don’t run out of money. You’ll also need to carefully plan when you access your pension pot or you could face large tax bills.
You should look at how much money you have now – take account of any loans or debts – and work out what income you'll need to support the lifestyle you want in retirement. Although you can’t factor everything in, you might want to include long-term care costs too.
You’ll also need to consider how your choices will affect your tax and your entitlement to state benefits, both now and in the future. Your health and life expectancy – and that of any partner or dependants – will also influence which choices are best for you.
In the years leading up to retirement, many people consider consolidating their pensions. It’s common these days for people to have had several jobs during their working life, so it's likely they may have several pension plans too.
Consolidating your pensions simply means taking all of your pension plans and putting them in one place. This makes your pension easier to manage and keep track of, and it gives you a clearer idea of how much you could receive when you retire. It may also provide you with more control and a wider – or more appropriate – range of investment and product options. Depending on what you choose, it could even reduce the overall charges you pay too.
If you’re considering keeping your pension savings in one place, The Retirement Account could help.
Our account also allows you to build up pension savings. When you need retirement income you can choose from a range of flexible income options.
Choosing the right pension is a big decision, so we recommend getting independent financial advice before buying The Retirement Account.
Get a tailored quote for this product from a financial adviser. To find one, visit Unbiased.
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