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PREPARING YOUR FINANCES FOR RETIREMENT


Basingstoke Citizens Advice Update

PREPARING YOUR FINANCES FOR RETIREMENT

When you retire you will need money to support you and to give you a decent standard of living. When you get near to your retirement date, you'll need to start getting ready to make sure your income is all in place in time


Checklist of things to do when you near retirement

It's a good idea to start planning when you're nearing retirement age. Here's a checklist of things to do so that you'll be ready:

  • work out what money you will have coming in and think about how your spending might change once you are retired.

  • if you get benefits, let the benefit provider know when you will retire - you might have to claim a different benefit or the amount you get might change.

  • check whether you are entitled to any new benefits - you might be able to get benefits like Carer's Allowance, Housing Benefit or Council Tax Reduction

  • work out how much is left to pay on your mortgage (if you have one) - you might want to pay off what's left with a lump sum, but you should get financial advice first

  • get an estimate of your state pension - the GOV.UK state pension calculator can help you with this.

  • track down any pension providers that you have lost contact with - the Pension Tracing Service can help with this. Call them on 0845 6002 537 or use their online form to find a lost pension

  • get in touch with all your pension providers and let them know you are planning for retirement - they'll usually send you important information about your pension.

  • get financial advice or help from Pension Wise if you have a personal pension so that you know your options for how to take your pension - you might have to pay for financial advice. but it can save you money in the long term

  • consider leaving your pension pot to someone when you die - there’ll be tax implications for doing this, so you should talk to your pension provider or an independent financial adviser

Get help with Pension Wise

Pension Wise is a free and impartial service to help you understand what your pension options are. You can find out about your options at www.pensionwise.gov.uk

If you have a problem, please contact us to see how we can help.

Call us on 0300 3309 064

Chat online: citizensadvice.org.uk/contact-us

Website: www.basingstokeandtadleycab.org.uk

Or search on the National Citizens advice website www.citizensadvice.org.uk

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