Do you secretly love pensions and everything about them?
Find lots more information at Geeks Corner.
Congratulations! But this isn’t the end of the story, rather the beginning of a new chapter.
Keep reading to make those final checks. Now that you’re retiring it’s important to get every detail ironed out and it’s sometimes good to go back and check for creases.
Who knows? You might realise you could save more money in retirement by withdrawing a different way.
If you are thinking of retiring within the next year, contact the administrator to get an up-to-date pension quotation or value of your account.
This is a new adventure. Do you know what you love doing, and if you can afford to do it with what you’ve saved? Make your final checks by using our checklist below...
Review how you want to withdraw your pensions savings and make sure your choice still fits with your needs.
Are you planning to take a tax-free lump sum? If so, have you planned what you are going to do with it? Just moving it into a current account may reduce its future spending power due to inflation.
Can’t resist your inner wanderlust? Use the budget planner to help work out an annual budget so you can make informed decisions about withdrawing your pension.
Maybe you do, but you don't know you do. Or perhaps you don't know where it's gone. Money has a habit of doing that.
If you've lost track of previous pensions, you can contact the Pension Tracing Service. You could also check out our handy guide to tracking down forgotten pension pots, for a quick step in the right direction.
Find out if you’ve paid enough National Insurance Contributions – and what to do if not.
Read more about the State Pension here.
As a member of the MMT, you can access a Retirement Service, provided by HUB Financial Solutions. This service will:
Be armed with information when it comes to taking your money. Don’t forget to use the other free guidance services available to you, such as Money Helper and Pension Wise.
Remember, taking the money that you’ve worked your entire career to save is a big decision that shouldn’t be made on a whim.
Do you feel like a deer in the onrushing headlights of retirement? Then a financial adviser can help you make the right choice. Money Helper can find you one quickly and easily.
You’re finally ready to access your money! If you’re unsure how, here’s a step-by-step guide:
Please be aware that it can take up to 6-8 weeks before you can start taking your retirement savings.
Unfortunately, many people have lost their savings to pension scammers who will pull out their dirtiest tricks to get their hands on your retirement savings.
To protect yourself from a pension scam, learn how to spot the signs and check who you are dealing with.
Find lots more information at Geeks Corner.