IN YOUR 50s

When do you want to retire?

Preparation and planning are key to meeting retirement goals. Set up a spreadsheet of your spending and income now and for when you’re retired to see what you might need. If you’re online you’ll find a free retirement planning tool at www.pensionmonster.com

What is your retirement income likely to be?

Work out how much you have saved in private and workplace pension schemes and what income they’re likely to provide, not forgetting investments such as ISAs.

Find lost pensions at www.gov.uk/find-pension-contactdetails or call 0345 600 2537. consider consolidating pension pots from different employers into one.

Get a State Pension forecast (BR19)

Check your National Insurance Contributions are up to date and how many more years of contributions you’ll need to receive a full State Pension. For many of us, this alone will not provide enough, so now’s the time to top up pension contributions and maximise your employer’s contributions.

Pension freedoms

There are a number of options – tax-free lump sum, drawdown, annuity – however it’s important to understand how each can contribute to your income in the future and what the tax implications may be. get free guidance to help you understand your options. Book an appointment with pension Wise at 0800 138 3944 or visit www.pensionwise.gov.uk