Retirement planning

PREPARING FOR RETIREMENT

Retirement planning in your 20s

Here's what to consider prioritising in your 20s to ensure you're on track for a happy retirement

Retirement planning in your 30s

Find out the financial milestones you may want to prioritise during your 30s and the pension landscape of this generation.

Retirement planning in your 40s

Find out the financial milestones you may want to prioritise during your 40s and the pension landscape for this generation.

Retirement planning in your 50s

Find out how to start planning for your retirement in your 50s.

Preparing for retirement checklist

Take a look at our checklist to help make your retirement plan.

What qualifies for ill health retirement?

Find out what drawdown fees your pension provider may charge you when you access your pension, including administration and withdrawal fees.

What is pension liberation?

Pension liberation is a scam where people offer you access to your pension before you turn 55, which is the legal age you can access most pensions. Scammers may advertise this service as a form of early pension release or ‘pension unlocking’.

Reducing working hours prior to retirement

Many people over 50 are easing into retirement by continuing to work with reduced hours rather than stopping work all-together. This approach brings plenty of lifestyle benefits, but there are still practical and financial implications to consider.

Releasing equity for retirement

Homeowners can release some of the value of their property (equity) to top up their savings but having retirement savings is still crucial.

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MANAGING YOUR RETIREMENT

Can I take my pension at 55 and still work?

In the UK, you can continue to work while receiving income from your pension. However, accessing your pension early will leave it with less chance to grow and could result in a pension that’s unable to last your full retirement.

When should you buy an annuity?

Some or all of your pension can be used to buy an annuity when you retire. This can guarantee a fixed income for a set period or the rest of your life. Like pensions, annuities often pay out more if you’re older when you start one.

How much tax will I pay on my pension if I’m still working?

The amount of tax you’re required to pay each year is calculated based on your total taxable annual income.

How much money do you need to retire in the UK?

How much money you need to retire depends on your desired lifestyle and personal circumstances, like whether you’re married or have paid off the mortgage.

Mental health in retirement

Retirement can impact our mental health, which can lead to feelings of stress, anxiety, loneliness and depression. However, there are plenty of things you can do to prepare yourself for retirement, and potentially limit any negative impact on your mental health.

What is a target date fund?

A target date fund is a type of pension fund that adjusts the mix of your investments in anticipation of your expected retirement date. Learn more.

Care home or home care?

When an elderly or disabled loved one needs extra support, choosing between care homes and home care can be a difficult decision. Learn more.

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WOMEN AND FINANCE

Am I ready for a baby?

However many books, parenting guides and articles you read, the truth is that nothing can completely prepare you for it.

Maternity leave and maternity pay

Learn more about maternity leave and pay and how Statutory Maternity Leave and Pay are two of the most important benefits available to new mothers.

Adoption leave and adoption pay

If you're planning to adopt a child in the UK, you might be wondering what your rights are for parental leave and pay. Read about Statutory Adoption Pay and how taking adoption leave impacts your pension.

Shared Parental Leave and Pay

Find out about Shared Parental Leave, who can take it, how much you'll get and read about the benefits and how you can make it work for you.

Becoming a parent

For those expecting a new arrival, it helps to plan and prepare for the exciting journey ahead. Here’s an overview of what to expect.

Average childcare costs

Childcare can be expensive, but there are different types and ways to get help with costs. Learn more about your options to find the best solution for your family.

Help with childcare costs

There are some ways in which you can get government support to pay for your childcare.

Childcare options

Here’s some of the childcare options available in the UK. Learn more about your options to find the best solution for your family.

Separation and divorce

Divorce is never easy, but it can be especially complicated when it comes to pensions. Learn about some of the main issues to consider.

How are finances split in a divorce?

Find out how finances can be split in a divorce in the UK and what you can do to protect your retirement savings.

Pension contributions while on parental leave

Find out how your pension contributions are impacted by parental leave. Learn how it works and how you can prepare for it.

How long after divorce can you claim a pension?

Learn about the pension rules that apply when you're going through a divorce.

How does divorce or remarrying affect your pension?

Through employee contributions, income tax, and personal contributions you may accrue pensionable benefits over your career. When you enter a marriage or civil partnership there can be legal consequences that may impact your pension.

Pension Sharing Order

Many couples get married to convey their commitment to each other. However, marriage also has legal implications. If a marital union dissolves, the court granting the divorce may split their financial assets - including any pensions accrued. The court order which defines the division of pensions is known as a Pension Sharing Order (PSO).

Pension Offsetting

Pension Offsetting's one of the options available to you when you're splitting assets in a divorce or when you're dissolving a civil partnership. Pension Offsetting means each party uses the value of their pension to offset against other assets such as property.

Pension Attachment Orders and Earmarking

When you get a divorce, you may find financial assets being discussed in court. A pension can be one of the biggest assets. One way of dividing it up is through Pension Attachment or Earmarking.

How does divorce affect the State Pension?

Divorce can have a significant impact on your finances, including your pensions. Find out how divorce affects your State Pension and learn about protected payments.

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