Managing Your Retirement
Living your best life starts in retirement and it doesn’t happen on its own. We encourage you to stay active and attentive when it comes to your finances.
This video will give you a brief overview of some of the key risks to look out for and the things you can do to manage your savings and help meet your future needs. Read on for more help, tips and information.
|Your online account can show you:
To see how you can change your investment goals please go to ‘Your income and savings’
Life changes and your choices can too. It’s free to do and we can provide all the information you need to make the right decisions for you.
|Your personal circumstances will dictate how long you need your money to last. You may have a life limiting illness, receive an inheritance or have other forms of income.|
|Stop, increase, or start payments;
|Re-valuating your budget and taking account of other pensions
|Investing for different goals
|Manage tax on my income
|Choose a different product.
|Someone else managing my affairs:
When someone manages another person’s affairs, they are called a Power of Attorney (POA). Someone might need a POA for various reasons, including ill health, leaving the country for a while or in some cases mental ill health or disabilities.
They are normally a loved one and should be someone you trust and who you know will act in your best interests.
There are various types of POAs, and if you feel you need one, consider what is most appropriate for you. We will need to receive a certified copy of the POA certificate to be able to deal directly with the chosen individual.
For more information about POA you can click here and you may also want to speak to a solicitor.
|What happens when I die?
|Changing personal details
You can change nominations, address details and contact numbers all under the ‘Personal Details’ tab of your online account.
- Check the risks associated with your retirement options, with our handy ‘Risks at Retirement’ leaflet. Download here.
- Visit our ‘risk’ page, this explains more general types of risk associated with investments
- Scammers are active in the pension industry. Make sure you are informed with this guidance from Moneyhelper on how to spot a pension scam.
You can assess how expensive your lifestyle is and whether you can afford it by looking at the Retirement Living Standards lifestyles.
If you are outspending (or hopefully underspending!), you might want to think about what activities you frequently do and adjust them according to your lifestyle.