In retirement

With more to pack into life than ever before, having enough money to fulfil your dreams once you’ve retired is really important.  

The tips and tools below will help you work out if you’re on track to live the life you want or whether you’re at risk of running out of money.

Our top tips

Work out how much income you actually need

If you haven’t already done it, do a full analysis of how you’re spending your money. It’ll help you work out the level of income you need now and in the years ahead. Here's a really handy budget planner to help get you started

Check your pension arrangements

If you’re not already claiming a state pension, click here to find out the details of your state pension entitlement.

Review your savings and investments

Savings and investments are very different. Savers usually want a safe place for their money where they can get at it easily. Investors tend to want their money to grow by at least the rate of inflation, will involve some element of risk, and accept that it may be tied up for some time.

Consider the degree of risk you’re happy to take and the level of income you’ll need to generate. Morningstar provides useful tools and help in reviewing your investments.

To make sure your savings are working hard for you, check-out this savings and investments guide from Which?

Don't forget about inflation

The rising cost of living is a particular problem for those on fixed incomes and those in retirement and it can easily affect your long term plans. Check rates of escalation for your pensions and if you're relying on income from savings, remember that inflation erodes the value of your capital. Use this money savings danger calculator to help.

Equity release - is your home your biggest financial asset?

If you're considering releasing capital tied up in your home, equity release schemes are becoming more popular. However, it’s a big step and you'll need to do your research first to make sure it’s what you need. Make sure you read up on this equity release guide before making any decisions.

Looking after your assets

Worried about what happens to your assets after your death? Make sure you have a Will

If you have assets valued at more than £325,000 (single person) or £650,000 (married couple) then find out about inheritance tax and what you can do to minimise it.