Saving for retirement in your 50s

By the time you get to your 50s and beyond, you might have retirement savings across a mixture of different personal and company pensions. You might still be contributing to these and continuing to build up your pot.

Now is a good time to start thinking about the kind of life you’d like in retirement and how your planning is taking shape to help you achieve that.

Things you should consider when you reach 50

We recommend you get financial advice to help you make decisions about your pension and retirement options. If you don’t have a financial adviser you can find one at unbiased.co.uk.

Choosing when you want to retire

You should start to think about what age you’d like to retire. 

Estimating what you’ll need to achieve the retirement you want

You can use our Retirement Income Planner to help estimate how long your pension pot could last based on regular withdrawals.  

The amount of income you take will affect the value of your pension pot. The more income you take, the lower the value of your pot which might mean it runs out and leaves you with no income.

Reviewing your investment choices 

It’s important to regularly review your investments and the funds you’re invested in to make sure you’re maximising your potential returns.

The value of your investment can go down as well as up so you might not get back the amount you put in.

Consider topping-up your pensions

You can make additional payments to your pension at any time. You should consider topping-up your pension at this stage, to ensure you are maximising the amount of tax relief you will receive on your contributions as well as boosting your overall pension pot.

Combining your existing pensions

Over the years many of us build up a number of pension pots with different employers and providers. And although sometimes having lots of different pension pots invested might be good news for your money, it might also make keeping track of things a bit tricky. 

There’s lots of things to consider when thinking about combining your pension and we’ve pulled together some useful information about combining your pension pots.

Consider your options at retirement

It’s really important to understand all of your options and the ones that best suit your individual needs.

A financial adviser can help you understand what options are available to you and which ones best align with your future plans.

If you have an existing pension with Prudential, you can find out how we communicate with you on the run-up to your retirement and what you’ll receive from us.

Watch out for scams

Keeping your personal information secure and protecting you from scammers is really important to us.

Find out more about how you can keep your personal information and your money safe.

Please visit our Security and Scams hub for more information

Keep track of your pension online

If you're an existing customer, your online service allows you to manage your pension whenever you like. Registering also means going paperless. So as well as being able to view important documents like your annual statement, change your personal details and contact us securely, you'll be helping the environment.

Online Service

Need more help? 

Money Advice Service

Find an independent financial adviser in your area to help you in your future pension planning.

Visit
www.unbiased.co.uk
and enter your postcode.

 

Pension wise logo

We recommend you use Pension Wise, a free impartial guidance service from the government to help you understand your options at retirement.

Visit pensionwise.gov.uk or call 0300 330 1001 to book a phone or face-to-face appointment.

Money Advice Service

Visit hmrc.gov.uk to find out more information on tax rules and legislation which may affect you and your pension plans.