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About this conceptTen years to retirement: what to do, and when
In short
The decade before you stop work is when a few simple steps make the most difference. Choose how long you have left to see where you are on the timeline. Every step stays on the page, so you can read ahead or look back.
Your timeline
10 years to go
Find out where you stand
- Check how much State Pension you could get, and when. Check your State Pension forecast on GOV.UK
- Make sure you know about every pension you have had. Use the Pension Tracing Service on GOV.UK
- Think about when you would like to stop work, and whether you might stop gradually.
5 years to go
Shape your plans
- Check how your pension is invested. Many plans move to lower-risk investments as retirement nears; make sure the timing matches your plans.
- Picture your retirement budget: what you will spend each year, and what will pay for it.
- Decide whether combining pensions would help, and what to check before you do.
2 years to go
Understand your options
- If you are 50 or over, book a free, impartial guidance appointment. Pension Wise on MoneyHelper
- Learn the main ways to take your money: lump sums, a regular income, or a mix.
- Ask your older pensions whether they include guarantees you would want to keep.
1 year to go
Make your choices
- Decide how you will take your money, and consider regulated financial advice if your situation is complex.
- Understand the tax: usually up to a quarter can be taken tax free, and the rest is taxed as income.
- Be wary of anyone who contacts you out of the blue about your pension. Check for scams with the FCA
Retirement
Put it in place
- Confirm your choices with each pension provider and check the first payments arrive.
- Claim your State Pension: it is not paid automatically. How to claim on GOV.UK
A warning worth repeating
Scammers target people approaching retirement. Be suspicious of cold calls, offers of early access to your pension, or promises of unusually high returns. Check any firm on the Financial Conduct Authority's register before you deal with it.
Next step: start with the first two checks
Your State Pension forecast and a list of every pension you have are the foundation for every decision that follows.
This is a demonstration of a concept. The information is general guidance, not personal financial advice, and any figures are made up for the example. For help with your own situation, MoneyHelper offers free, impartial guidance: moneyhelper.org.uk.
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