Pensions in your 60s
In your sixties, you're probably contemplating your options for retirement and you may want to start reducing the amount of investment risk your pension pot is exposed to.
As you approach retirement
Now is the time you’re likely to be making some crucial decisions about your pension that can affect the rest of your life, so careful planning is important.
In your 60s you should start thinking about:
- When you want to retire
- Whether you want to retire completely or continue to work into retirement
- What your options are for taking a retirement income from your pension savings
- Whether you need to alter your pension investment strategy to account for your approaching retirement
- Getting a pension review from a financial adviser to check that your retirement savings will meet your expectations
Try our pension calculator to estimate the size of your pension pot on retirement based on your current contributions.
Working past retirement age
Although many people do decide to retire completely in their 60s, an increasing number are choosing to continue in work, even beyond State Pension age. It is no longer a requirement to take an annuity from your pension fund by the time you reach a certain age and you may decide to take phased retirement instead.
If you do decide that you want to continue to work, perhaps part-time, you may be able to supplement your salary by taking pension drawdown, however this could prematurely deplete your pension fund and comes with its own set of risks.
Getting financial advice
If you'd like expert, tailored advice on what to do with your pension and retirement plans, speak to a financial adviser for a no-obligation consultation.
Last updated: 04 June 2015