There’s a lot to think about when you’re planning your retirement. And don’t forget your situation may change in the future, so you should be prepared to be flexible. If you need any help, you can always call our retirement service on 0800 368 6882. Here are some things to consider.
There are lots of different places where you might get an income for your retirement. You’ll need to know what they are and how much you have so you can plan ahead effectively. Here is a list to help you.
To work out what you need, you may first want to consider the costs of day-to-day living, such as food and utility bills as well as the bigger ad-hoc expenses like a new fridge or washing machine. Then think of the other items you may want in retirement: a new car, holidays, eating out and so on.
We’ve made it easy to work this all out, with our free budgeting calculator.
When you’re planning your retirement it’s also important to understand the options for taking income from your pension pot. You now have much more freedom than you had before, but this means there’s more for you to understand and consider and any decisions you do make can have a big impact on your future.
Alternatively, just download our free guide to getting the retirement income you need.
What you do next is likely to depend on how close you are to retirement and whether you have enough savings to achieve your goals. If there is a shortfall, there are some options for you to consider.
If you’re close to retirement
The key point is to decide if you want to make your own choices or need a little help.
Please remember that the value of investments can fall as well as rise, so you may get back less than you invest. It’s important to understand that pension transfers are a complex area and may not be suitable for everyone. Before going ahead with a pension transfer, we strongly recommend that you undertake a full comparison of the charges, features, and services offered.
Remember, you won’t be able to access money invested in a SIPP until the age of 55.
To find out what else you should consider before transferring, please read our Fidelity SIPP Transfer Factsheet.