You should stay on top of your finances when you retire. This video highlights some of the key risks, and tips to manage your savings and help meet your future needs.
Your online Pension Account can show you:
- Account balance
- Income choices
- Payment schedule
- Fund information
- Nominated beneficiaries
- Managing investments
To see how you can change your investment goals go to Your income and savings.
Reviewing your income and savings in retirement
Your personal circumstances will dictate how long you need your money to last. You may receive an inheritance or have other forms of income, or your health may decline.
- Use our Life expectancy tool to estimate how long you might need money to last for.
- Use the Retirement calculator to check if your income choices are still suitable for your circumstances and will last for your life expectancy.
- If you have a prolonged illness you have options - visit MoneyHelper for more information.
- Create a retirement budget with this printable planner.
- Consider if you need to reduce your income payments.
You can change your income choices easily with our online income request tool. Log in and click Manage Income.
To explore different income options see our Your income options page.
- Set an annual diary alert to review your pensions
- Get an estimate of your tax with our tax calculator
- Consolidating your pensions can be an easy way of keeping track and reducing the amount of fees you are paying - see our Consolidating your savings page for information
- MoneyHelper has budgeting tools and articles to help you plan
Your goals can change once you’re in retirement, and your investments may need to change with them. You can switch investments, free of charge, but it’s a good idea to talk to a financial adviser before you make any changes - MoneyHelper will help you find one.
Manage tax on your income
- Estimate the tax you should be paying with our tax calculator.
- Manage the income you take in each tax year to minimise your tax bill.
- Pension Wise has information about tax on different options.
- Get free tax advice from Tax Help for Older People.
Managing Risk
- Our Risks at Retirement leaflet highlights risks associated with your retirement options.
- Click here for information on general types of risk associated with investments
- Read the MoneyHelper guidance on how to spot a pension scam.
Changes in your circumstances
Someone else managing your affairs
- Power of Attorney (POA) allows someone to manage another person’s affairs. See the Power of Attorney page for more information.
What happens when you die?
- If you die before 75, your beneficiaries should receive a tax-free lump sum
- If you are at least 75, your beneficiaries may have to pay income tax
- MoneyHelper has more information about benefits payable when you die
- Remember to review your will - visit the Government website for guidance about updating your will
- Keep your nominated beneficiaries up to date using your online Pension Account