Am I ready?
Knowing your current financial position is the most important step to a better financial future and it isn't all that difficult to work out.
The first thing you should do is gather together all the information on what you think will make up your retirement income. This will include any pension you have built up from periods of employment, as well as savings or a hobby that creates an income. You may also be thinking about using your home in some way. It could be helpful to draw up a list. If you’re worried about where to find the information don’t worry, there’s an easy-to-use guide on the collecting information page.
Considering when you want to retire is key. There are many benefits in continuing work if you enjoy it and are able to carry on – not forgetting the social element! Remember you don’t have to start taking your pension, or State Pension, and the benefits of waiting could be quite rewarding. See the carry on working page for more information.
Pension freedoms have been widely covered by the media however you may not fully understand what they are and how they affect you. Pension Options contains a helpful pensions options video explaining what your choices are all in three minutes. You’ll also find a simple personalised report giving you an indication of the income each of the options could provide.
As you start to think about the future, what you might need, how you may use your money and how you protect yourself and your money, our things to consider section will help you. You can also find a simple guide to care costs as you may find family members could require a degree of care in later life.