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.
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.
Need more help?
We know there’s a lot to consider when planning for retirement, and it can be tricky to know where to start. To help you understand all your retirement options, we recommend speaking to your adviser or getting guidance.
Find a financial adviser
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
Pension Wise is a free and impartial guidance service offered by the Government. They can’t make recommendations or tell you how to invest your money, but will provide information on a range of available pension options.
Visit moneyhelper.org.uk/pensionwise or call 0800 280 8880 to book a phone or face-to-face appointment.
HMRC
Visit hmrc.gov.uk to find out more information on tax rules and legislation which may affect you and your pension plans.
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"Prudential" is a trading name of Prudential Distribution Limited. Prudential Distribution Limited is registered in Scotland. Registered Office at 5 Central Way, Kildean Business Park, Stirling, FK8 1FT. Registered number SC212640. Authorised and regulated by the Financial Conduct Authority. Prudential Distribution Limited is part of the same corporate group as the Prudential Assurance Company Limited. The Prudential Assurance Company Limited and Prudential Distribution Limited are direct/indirect subsidiaries of M&G plc which is a holding company registered in England and Wales with registered number 11444019 and registered office at 10 Fenchurch Avenue, London EC3M 5AG, some of whose subsidiaries are authorised and regulated, as applicable, by the Prudential Regulation Authority and the Financial Conduct Authority. These companies are not affiliated in any manner with Prudential Financial, Inc, a company whose principal place of business is in the United States of America or Prudential plc, an international group incorporated in the United Kingdom.