Our retirement planning section is the place to find out more about topics such as continuing to work whilst taking a pension, reducing hours in the build up to retirement and also ill health retirement. You can also find out more about buying an annuity.
PREPARING FOR RETIREMENT
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.
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.
Combine your pensions
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