You’re getting closer to your selected retirement age which means more freedom to do the things you enjoy. To make the most of this new stage in your life you need to give some thought to your options, needs and goals.
So, where do you begin?
First, find out what you already have, and what you could have when you retire.
There’s the state pension, of course.
For a single person, the current full state pension is £168.60 per week. You’ll need to have made 35 years National Insurance contributions to get this. Could you manage on that?
Think about any money you’re savings in a bank or building society account, or an ISA. Factor that in.
Chances are, your workplace pension pot will also play a big part in planning the kind of future you’d want for yourself.
On reaching 55, you also have the option to take money from your pension pot.
There are a number of ways to take your money, such as: taking all the money as cash; or taking it as a guaranteed or more flexible income.
Before you make a decision on how to take money from your pension pot, you need to get a clear idea of how much you have in there, and how it’s invested
You’ll find lots of information on retirement planning on our website. It’s bought to life with videos, calculators and online tools to help you see where you are now and plan where you want to be when you retire. If you’d like to learn more about your choices at retirement view our Pensions Freedom video.
If you are over 50, you can get free and impartial guidance on your retirement options on the government’s Pension Wise website at pensionwise.gov.uk or by calling 030 0330 1001.
Before you make any decision, it makes sense to talk to an adviser. Advisers can be found at www.unbiased.com. They normally charge for their services. Or, you can speak to us here at Aviva by giving our Financial Advice Support team a call on 0800 092 3107.
Take a look now – your future self will thank you for it!