The State Pension is often a useful foundation when you’re creating an income in retirement. Yet, a survey from Just Group found that a third of people didn’t check their State Pension forecast before stopping work. While the State Pension might not be your primary income in retirement, it’s often valuable because it’s reliable – you’ll receive a regular income when you reach State Pension Age for the rest of your life. In addition, under the triple lock, the State Pension al

When you think about retirement planning, what challenges come to mind? While ensuring you have enough saved and that you don’t run out of money are common concerns, there is one you may have overlooked: changing from a saving to a spending mindset. To secure your retirement, putting money away has likely become a habit that you’ve embraced for decades. Perhaps you contributed to a pension, made sure your mortgage was paid off, or invested with a long-term plan. These positiv

Retiring early is a dream for many. Whether you’re looking forward to putting your feet up or going on an adventure, it’s a huge milestone and it’s important to be financially prepared. Yet, research suggests that many people retiring earlier than expected don’t have their finances in order. According to research from LV=, 47% of retirees said they retired earlier than expected. Around a quarter said they retired at least five years earlier than they had planned. For 31%, the

Figures suggest that workers nearing retirement could find they’re facing a significant income shortfall later in life. Understanding how your pension savings will add up before you retire is crucial for creating long-term financial wellbeing. According to a report from the Social Market Foundation, people approaching retirement are facing a pension shortfall of almost £250,000 if they want to achieve their desired income. Collectively, across the UK there’s a savings gap of

Flexi-access drawdown can provide retirees with more freedom to create an income that suits their lifestyle. However, Financial Conduct Authority (FCA) figures suggest that many retirees are taking unsustainable amounts from their pensions. It could mean they run out of money during retirement. The government introduced Pension Freedoms in 2015, which provide retirees with more ways to access their pension savings. Flexi-access drawdown has proved a popular way to create a re

If you’ve yet to retire, you may give little thought to the State Pension. But the government is currently reviewing it, which could mean millions of people will need to wait longer than expected until they can claim it. The State Pension Age is now equalised for men and women and is currently 66, but there is already a gradual increase planned. By 2046, the State Pension Age will reach 68 for those born on or after 1 April 1977. Once you reach State Pension Age, you can begi

Hopefully, you head into retirement confident in your finances and your retirement income. While your financial commitments and dependents may be fewer in retirement, it’s still important to have a safety net to fall back on when you need it most. According to a report in Money Age, 49% of those aged over 65 describe themselves as in “excellent” or “good” financial shape. Yet just 21% think they have plenty of money set aside for emergencies, which could leave the remaining p

Planning for retirement should be an exciting time in your life. But what if your aspirations and expectations differ to your partner's?