People like you: 50+
Making sure you’re prepared for when you stop working doesn’t have to be a chore and you’re not on your own! There are people just like you out there and we’re sharing their stories so you can benefit from their experiences.
Meet 55 year old Catherine…
Have you started making plans for when you stop working yet?
Having just celebrated my birthday, at 55 I am now thinking about how and when to take my pension. It’s a modest amount as I have had time away from work bringing up the family and then working part-time when I returned to work. I am pleased that I did pay in to a pension and will have something to add towards my State Pension.
How has the introduction of more flexibility around taking your pension affected you?
As the pension rules have changed, I know I am able to take some cash as a lump sum now and still continue to pay in to my pension. This cash lump sum could pay off some of our mortgage which will save money overall. If possible I want to avoid paying any additional tax, my husband believes we can take the cash in stages but is unsure of the details.
Did you know you can get free and impartial help from Pension Wise from age 55?
Yes, and before I make any decisions, I’ve made an appointment to speak to an adviser from Pension Wise to help me understand what I can do with my pension savings. I will then feel more confident in my choices.
In any event, I will probably work for a couple more years, as it will allow me to continue paying into my pension and I will still be under 60 when I retire, which will coincide with my husband’s retirement plans too.
Head over to Pension Wise if you’re 55 and over and need some help with making decisions about your retirement.