Creating a retirement plan
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 it can help to be flexible. If you need any help, you can always call our retirement service on 0800 368 6882, Monday to Friday, 9am - 5pm. Here are some things to consider:
Important information - the value of investments can go down as well as up, so you may not get back what you invest. Eligibility to invest in a SIPP and tax treatment depends on personal circumstances and all tax rules may change in the future. You cannot normally access money in a pension until age 55 (57 from 2028). It’s important to understand that pension transfers are a complex area and may not be suitable for everyone.
Work out what you have
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.
Understanding what you'll need
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.Retirement calculator
Understanding your income options
When you’re planning your retirement it’s important to understand the options for taking income from your pension pot. You now have much more freedom than 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.Understand your pension income options
What if there’s a gap?
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.
Thankfully it’s a bit easier to control your pensions
Bring them together with Fidelity’s Self Invested Personal Pension (SIPP).
Ready to chat?
Talk to someone about your retirement options in more detail
We can help
Close to retirement but unsure about the options and pitfalls ahead? We can offer guidance and advice to help you find the best solution for your retirement. Call us on 0800 368 6882, Monday to Friday, 9am - 5pm.Fidelity’s retirement service
The government’s Pension Wise service offers free, impartial guidance to help you understand your options at retirement. You can access the guidance online or call on 0800 138 3944.www.moneyhelper.org.uk
Important information – 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 benefits, charges and features offered. To find out what else you should consider before transferring, please read our transfer factsheet. If you are in any doubt whether or not a pension transfer is suitable for your circumstances we strongly recommend that you seek advice from one of Fidelity’s advisers or an authorised financial adviser of your choice.