Retirement means different things to different people. For some, it’s about having more time to spend with family and friends. For others, it’s the opportunity to travel, pursue hobbies or simply enjoy a different pace of life.
Whatever your plans, understanding your pension benefits is an important part of preparing for the future.
When do you want to retire?
One of the first questions many people ask is when they would like to retire.
You may already have a date in mind, or you may not have thought about it yet. There’s no right or wrong answer, the best option will depend on your own circumstances and plans. As you think about retirement, you may want to consider:
What lifestyle you would like in retirement
What income you may need
Any other pensions or savings you have
How your plans may change over time
Taking time to think about these questions can help you build a clearer picture of your future retirement plans. But the earlier you start thinking about your plans, the more time you have to understand your options and consider what is right for you. For example:
5–10 years before retirement
Start thinking about your retirement goals
Consider how your pension fits alongside other savings
Review your plans regularly as circumstances change
1–5 years before retirement
Learn more about your retirement options
Consider whether guidance or financial advice may be helpful
Start thinking about how you would like to access your retirement income
As retirement approaches
Review your options carefully
Make sure your personal details are up to date
Consider any decisions you may need to make before your retirement date
You don’t need to wait to understand your options. Login to start exploring your pension, and run an estimate retirement quote.