\u2018Phased retirement\u2019 is becoming more common. The way we access our pension is now a lot more flexible, and it\u2019s no secret that in the UK we\u2019re living longer than ever before. A longer retirement and more choice over how you take your pension make for an exciting time. And planning ahead will help ensure you\u2019re on track to a financially secure future. Our timeline will help you get started.<\/p>\n
Although retirement can still seem a while away, begin to consider what you want your life to be like when you get there.<\/p>\n
Ten years before you plan to retire<\/strong> The age you\u2019d like to retire Don\u2019t forget that your spending habits are likely to change in retirement. For example, your commute costs are likely to be lower, but more time at home may mean your utility bills go up.<\/p>\n Five years before you plan to retire<\/strong> Decide the age you\u2019re likely to retire Six months to go<\/strong> Review your pension statements to get an accurate picture of what your funds are worth Twelve to eight weeks before<\/strong> Speak with a professional financial adviser to consider your options and retirement plans Eight to two weeks before<\/strong> Consider any retirement quotes that your provider may have sent you PENSIONS ARE A LONG-TERM INVESTMENT.<\/p>\n THE RETIREMENT BENEFITS YOU RECEIVE FROM YOUR PENSION PLAN WILL DEPEND ON A NUMBER OF FACTORS INCLUDING THE VALUE OF YOUR PLAN WHEN YOU DECIDE TO TAKE YOUR BENEFITS WHICH ISN\u2019T GUARANTEED, AND CAN GO DOWN AS WELL AS UP.<\/p>\n THE VALUE OF YOUR PLAN COULD FALL BELOW THE AMOUNT(S) PAID IN.<\/p>\n","protected":false},"excerpt":{"rendered":" Are you on track to a financially secure retirement future? When you are at the point of retiring, the new pension freedoms have opened up all sorts of alternative strategies to taking your pension benefits. The very concept of retirement is changing.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"_links":{"self":[{"href":"https:\/\/www.ashleighcourt.com\/news\/wp-json\/wp\/v2\/posts\/2368"}],"collection":[{"href":"https:\/\/www.ashleighcourt.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ashleighcourt.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.ashleighcourt.com\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ashleighcourt.com\/news\/wp-json\/wp\/v2\/comments?post=2368"}],"version-history":[{"count":0,"href":"https:\/\/www.ashleighcourt.com\/news\/wp-json\/wp\/v2\/posts\/2368\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.ashleighcourt.com\/news\/wp-json\/wp\/v2\/media?parent=2368"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ashleighcourt.com\/news\/wp-json\/wp\/v2\/categories?post=2368"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ashleighcourt.com\/news\/wp-json\/wp\/v2\/tags?post=2368"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\nHere are some things to think about as you start to build your plan:<\/p>\n
\nHow much you\u2019ll likely have in your pension fund\/s, and the income you\u2019ll need when you retire
\nAny savings, investments or other assets that you could add to your retirement income
\nHow your living expenses could change in the future
\nHow you\u2019ll pay for any travel, hobbies or further education once you\u2019ve retired
\nAn emergency savings fund, to help with any unexpected costs like car or home repairs
\nPaying off any debts before you retire
\nHow you\u2019ll support your dependants once you\u2019ve retired
\nPutting money aside to pay for long-term care for you, your partner or other dependants<\/p>\n
\nNow is the time to make sure your goals are on track:<\/p>\n
\nConsider phasing your retirement and continuing to work part-time for your current or a new employer
\nBoost your pension by increasing your contributions and\/or adding lump sum payments (take advantage of any unused pension tax allowance)
\nTrace any lost pensions through the\u00a0Pension Tracing Service
\nAsk for up-to-date statements for all your pensions. You can also get a forecast of your State Pension at\u00a0www.gov.uk
\nLook over your investments and savings to see if they still meet your attitude to risk as you get closer to retirement
\nThink about whether you\u2019d like to take an income from your pension or whether you want a pot of cash, including any tax-free allowance, to do something different in retirement
\nDiscuss your options with a professional financial adviser
\nWrite a Will or review your existing Will\u00a0\u2013 and plan what will happen to your pension and estate if you die, plus any tax implications.<\/p>\n
\nIt\u2019s time to give yourself a retirement readiness check-up:<\/p>\n
\nMake an appointment with your professional financial adviser for advice on the best retirement options for you
\nDetermine the best option\/s for taking your pension savings to meet your financial and lifestyle needs
\nTell your pension providers you\u2019re planning to retire, so that they can send you any and all information you need in plenty of time
\nUpdate your beneficiary information
\nSet a date for a pre-retirement meeting with your employer
\nLet the HM Revenue & Customs (HMRC) know you\u2019re retiring because your change of status will affect your tax code
\nBudget for changes in your day-to-day spending after you retire<\/p>\n
\nIt\u2019s down to business now \u2013 you\u2019re just outside of your selected retirement date:<\/p>\n
\nAsk your provider about the ways you can access your pension based on the options available
\nYou should receive a letter four months before you reach State Pension Age, telling you how to claim your State Pension. If you haven\u2019t received this by three months before, here\u2019s\u00a0how to claim this
\nLook into any entitlements from the Government over and above any State Pension you may get, as these could make a real difference to your living costs<\/p>\n
\nThe final countdown! It\u2019s time to make sure you have all the information you need to help make a decision:<\/p>\n
\nRemember, if you want to use your pension to provide an income, you should shop around the different providers to get the best income you can. If you and\/or your partner have a health and\/or lifestyle condition, then you could get an even higher income as different providers also cover different conditions
\nYou\u2019ll also need to apply to your provider\/s if you\u2019re moving pensions from different sources
\nThere you have it \u2013 happy retiring!<\/p>\n