Retirement pension plans

As you approach retirement, there are a few things you need to consider before living your retirement dream.

Firstly you need to decide when you want to retire and if you want to retire early. You can start claiming your workplace or private pension from age 55, but you won’t be able to claim the state pension until you reach state pension age. You can calculate when that will be by using the state pension calculator on the government website.

Taking early retirement can be an attractive option, but it’s important to be aware that the amount of State Pension you get will depend on how many qualifying years of National Insurance contributions you have made over your working life. Be sure to check you qualify for a full State Pension and if not, consider topping up your National Insurance contributions so that you get what you are entitled to.