Planning for retirement

Take the time to understand the different ways you can withdraw your Nest pension savings and see what might work for you.

Planning for retirement

When should you start planning for retirement?

You can start planning at any age but the sooner you start, the better. When you have a clear idea of what you want for later life, you’ll find it easier to work out how much money you’ll need.

Remember, your plans may need to change as your goals and circumstances evolve over time. It’s worth revisiting them every few years.

How many years of retirement should I plan for?

There’s no simple answer, but it generally depends on when you plan to stop working and your likely lifespan. For example, if you retired at 67, you could potentially live for another 20, 30 or even 40 years – and would need your pensions savings to last you for this length of time.

As time goes on, people are living longer and it’s increasingly likely people could live to 100. The Office of National Statistics has created a life expectancy calendar that you can use to help guide your retirement planning.

Do I need a financial advisor for retirement planning?

Consulting an independent financial adviser (IFA) before you withdraw your pensions savings isn’t a legal retirement, but it’s probably one of the most important points in your life for you to get independent, expert advice.

If you’re in the early stages of retirement planning, you may be able to set your goals without any help. However, an IFA can offer expertise and guidance, providing an additional layer of support to make informed decisions.