After working all your life, the thought of reaching retirement should be an exciting prospect. You will need to sort out where your money’s going to come from and work out how to make your pension last as long as needed.
Here are a few things to think about if you are planning a long retirement:
- Can I still work and receive a state pension?
You can continue to work while you claim your state pension or you can put off receiving your pension until later. If you do that, you may get either extra state pension or a one-off taxable lump sum. - Can I have a flexible approach to my retirement?
You may not want to retire altogether – you may consider working part time, changing jobs or reducing your responsibilities to give you the income you want before and after you retire. Try our budget planner to check out how much you might need. - How much retirement income might I get?
This will depend on the type of scheme you are in. If you have a final salary scheme then this will normally be based on your salary and how long you have worked for your employer, you will need to speak to your employer to find out how much this will be.
If you have a pension fund then this may be used to purchase an income for life (annuity) or you can withdraw an income from the fund (income drawdown). Read the ‘Retirement information’ and try our annuity calculator to see how much retirement income you might get. - How can I make the most of my pension fund?
Use our ‘Retirement information’ to help you consider the options for your pension fund – an annuity is paid for life regardless of how long that may be. It's worth seeking financial advice if you're unsure. - Is there a way of reducing the effects of inflation over a long retirement?
You could choose an annuity with protection against inflation, which increases each year for the rest of your life. Read our information in ‘Your retirement options’ to find out more and plan your next steps.
What next?
If you’d like to find out more about what to do if you’re planning to live forever, you can either follow the ‘next’ link at the bottom of the page, or, if you prefer you can use the links to information and tools on the right.
