IN YOUR 50s

YOURS (UK) - - Good To Know -

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

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