Get retirement ready

Rethinking your retirement plans and why it could work in your favour

Retirement is not always a fixed date, and many people are now choosing to retire later or flexibly retire.

Delaying retirement gives your pension more time to grow. Staying in work means your savings stay invested longer and continue to benefit from annual increases and the later you retire, the more you’ll be able to pay in. Even as you approach your retirement date, you can still make tax-efficient contributions, depending on your circumstances.

Delaying your retirement could increase your income. Deferring your State Pension could increase the payments you get when you decide to claim it too. Flexibly retiring can ease the transition from work to retirement. Many people choose to reduce their hours or responsibilities rather than stop work entirely. This can help you maintain income while adjusting to a new lifestyle.

Find out more about flexible retirement by visiting your options at different ages and stages page.

Things to check before you decide

• Understand the tax impact if you want to retire early: Accessing part of your pension while still working can affect your tax and contribution limits.
• Visit the guidance and financial advice page to check out ways you can get help and support to understand your options when taking any DC savings and more.
• Check your Target Retirement Age (TRA) and update it, if your plans have changed.
• Keep reviewing: Your plans might change again so staying flexible is key.

Whatever stage you’re at with retirement planning, it’s worth taking a little time now to make sure your pension savings are on track – whether that means saving more, adjusting your expectations, or choosing to work a little longer. A few well-informed decisions today can lead to a more comfortable and confident retirement.