Managing money and planning ahead

  1. Categories
  2. Pensions and Retirement
  3. Managing money and planning ahead

Tax relief on pension contributions

Getting tax relief on pensions means some of your money that would have gone to the government as tax goes into your pension instead. You can put as much as you want into your pension, but there are annual and lifetime limits on how much tax relief you get on your pension contributions.

A guide to tax in retirement

Retirement brings with it a lot of change: change to your routine, to your income and changes to the amount of tax you have to pay. Find out how your pensions are taxed and when interest on your savings might be paid tax free.

Work out your likely retirement income

As retirement approaches, it’s crucial that you work out your pension savings to make sure they are on track to provide the level of retirement income you think you will need when you stop work. Once you know this, you’ll be able to work out when you can afford to retire or whether you need to delay taking your pension.

Planning and funding your long-term care

As you approach retirement, you might be thinking about how you’ll cope with the costs of paying for long-term care, either for yourself or for a relative. Or you might find that you are caring for someone who can no longer look after themselves.

When can I afford to retire?

Retirement is no longer the cliff-edge it once was. In the past people tended to work until a retirement age set by their employer or the State. But you can now usually work for as long as you want and you don’t have to retire all in one go. If you are considering taking your pension early you should understand how doing so will reduce your retirement income and make sure you have what you need for the whole of your retirement.

How long will your money last in retirement?

Retirement can last for 30 years or more depending on when you retire and how long you live. Your income in retirement is likely to come from several sources including your State Pension, any other pensions you’ve built up while working and any savings and investments you have.

Looking after your dependants in retirement

When you retire, as well as thinking about what you will live on, it’s a good idea to make sure that your partner and/or children will be provided for. There are several ways you can do this. Read on to find out what the options are, and the pros and cons of each.

Checklist – preparing for retirement

It pays to be prepared as retirement nears. Around two years before you want to stop working is a good time to start thinking about your retirement options and the choices you’ll need to make. Consider getting financial advice because these are decisions that can shape your income for the rest of your life. Our checklist helps you make sure you’re ready for retirement.

Manage your money in retirement

Your financial situation will almost certainly change when you retire. Your income is likely to fall and our spending patterns often change as we get older – for example, because mortgages and other loans have been paid off. Read on for useful tips on managing the financial changes retirement can bring.

Find an adviser

If you decide you want financial advice, you can begin your search for the most appropriate regulated financial adviser for you by simply entering your postcode below: