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:
  • Your account balance
  • Your income choices
  • Payment schedule
  • Fund information, click here
  • Who your nominated beneficiaries are
  • How to manage your investment choices
  

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;
  • You can change your income choices easily with our online income request tool. Simply log in, above, and click the Manage Income tab. Our tool will guide you one step at a time.
  • To explore different income options, click here.

 

Re-valuating your budget and taking account of other pensions
  • Set an annual diary alert to review your pension(s)
  • Tax - Remember, if you start receiving other pensions (such as the State Pension), it may change how much tax you pay. Get an estimate with our tax calculator.
  • Simplify your pensions - Consolidating your pensions can be an easy way of keeping track of your money, as well as reducing the amount of fees you are paying. Click here for more information.
  • Budgeting will help you stay in control of your finances in retirement. Moneyhelper has a variety of budgeting tools and articles to get you where you want to be.

 

Investing for different goals
  • Your outlook and goals can massively shift once you’re in retirement. What you thought would be a good investment for your money, might not work for you now. You are able to switch investments with us, free of charge. The question is, what are the changes you need to make? Click here to look at investments in retirement.

 

Manage tax on my income
  • Estimate the tax you should be paying with our tax calculator.
  • You have the flexibility to manage the income you take in each tax year to minimise your tax bill
  • Pensionwise on Moneyhelper has clear information about tax and how different options, have different tax implications. Click here.
  • You can also get free tax advice from Tax Help for Older People by calling them on 0333 207 5651 or by visiting www.taxvol.org.uk

 

Choose a different product.
  • You can change products any time, for no charge. For example, you might be taking a flexible income and then decide to buy a secure income (an annuity). Once you buy an annuity you cannot change your mind.

  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?
  • The Trustees pass any remaining money to your beneficiaries’ tax free if you die before age 75. After that, your beneficiaries may have to pay income tax on anything they receive. You can find more information here.
  • Have you updated your will? Click here for the government website’s guidance about updating your will.
  • Keep your nominated beneficiaries up to date. You can do this by logging in to your account and going to the Personal Details section.

 

Changing personal details

You can change nominations, address details and contact numbers all under the ‘Personal Details’ tab of your online account.

 

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.