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Whether you're just starting your first job, mid-way through your working life, approaching retirement or retired, this timeline will help you understand the benefits of long-term pension saving and of actively managing your money to ensure you have enough to live on for life.
Pensions offer a way to save tax-free and get tax back to help build up a pot of money for you to live off later in life. The sooner you start a pension the more tax you'll save and get back and the bigger your pension pot when you finally stop work.
If your employer offers a workplace pension this is the easiest way to start. If they don't or you’re self-employed, you can start a personal pension.
Find out more about workplace and personal pensions
For every £80 you pay into a pension the government tops it up with £20 basic rate tax relief (within limits) and higher rate taxpayers can claim back the extra - so it pays to save more.
Use our workplace pensions calculator to see how much you can afford to save
Pensions invest in stocks and shares so be sure to check regularly how your pot is performing and get advice if concerned. As your salary increases it normally makes sense to save more into your pension, provided you have sufficient money to live on and any debts are under control.
Don't forget about your pension pots - make a diary note to periodically check whether they’re on track to meet your needs and take action if they’re not.
Find out how to check the progress of your pension savings
You can get tax relief on pensions savings of up to £40,000 each year so it's worth topping up when you can afford it - and the sooner you top up the faster your pension pot will grow.
Use our pension calculator to see how much retirement income different contribution amounts might generate
It's fine to have pensions and other savings as well as debt but it's important to stay in control and know what to prioritise if money becomes tight.
Check which debts you should pay off first and why
You'll of course have lots of other commitments during your working life - find out how to budget and make your money go further while keeping pension saving in the mix.
Read a beginner's guide to budgeting and managing money
Major life changes like moving home, getting divorced or losing your job will impact your finances -- if you're worried take advantage of the free advice that’s out there or speak to a financial adviser.
Find out where to get free help and information
Understand the different types of financial adviser and how to find one
Retirement may seem a long way off, but now's the time to to check whether your pension pots look set to provide the income you want and understand your options for accessing them. It's also a good time to review your debts, make a will if you don't have one - and to get advice if you need it.
It's important to check whether your pensions investments are on track to give you the income you want - if there's a shortfall you need to look at ways of boosting your savings.
To help you plan ahead, read up on your options for taking your pension in advance and how they may affect your tax and any state benefits.
Read an overview of your options for taking your pension and download an at-a-glance sheet
Now's also a good time to take stock of your debts to make sure they'll be paid off by the time you plan to retire.
Find out about which loans or debts to prioritise and get tips for paying them off faster
If you've not made a will yet you should do so now - to make sure your money, other assets and any unused pension pots are passed on according to your wishes.
Find out why you should make a will and how to go about it
You can get free, impartial guidance from the government's Pension Wise service about the options for using your pension pot and the effect on tax and benefits.
Find out about Pension Wise and how to book a telephone or face-to-face appointment
A financial adviser will make recommendations for how you might adjust your current pension savings to maximise growth, based on your personal circumstances and attitude to risk.
Find out more and search for a financial adviser
This is the time to gather all of your pension paperwork together, review all of your pension investments and make last-minute adjustments to help maximise your retirement income.
A State Pension statement will show you how much you will get when you retire - you may be able to increase it by topping up your National Insurance contributions.
Get a State Pension statement and find out about topping up National Insurance contributions
If you think you may have lost track of a workplace pension, the pension tracing service will help you track it down.
Find out how to trace a lost pension - use our letter templates to save time
Check retirement dates and values for each pension pot and whether you need to move your money into less risky funds - we recommend getting financial advice for this.
Use our Retirement Advisor Directory to search for a financial adviser
Work out your overall likely income, taking into account tax and benefits, then use our budget planner to make sure you'll have enough to live on.
Use our 6 step plan to estimate your overall income after you retire, including the effect on tax and benefits
Whether retiring fully or gradually, you need to draw up a retirement income plan in the months beforehand to ensure you'll have enough to live on. Use this to get guidance or financial advice on which options for using your pension pot may be suitable.
Get quotes from your pension provider(s) and ask if you have a guaranteed annuity rate -- if you do it will be hard to beat. Get a State Pension statement if you've not done so yet.
Get a State Pension statement
Check that your pension and other income will provide the right mix of security and flexibility to meet your and any dependant's long-term needs - if it won’t you may need to retire later.
Use our retirement income options tool to understand your income options and help draw up a retirement income plan
The first 25% of your pension pot is tax-free and you pay Income Tax on the rest and on your State Pension - remember to factor this in when budgeting for retirement.
Find out more about Income Tax in retirement
The age-related benefits you're entitled to in retirement will sometimes depend on your income - and may affect how you choose to use your pension pot.
Find out what benefits you can get in retirement
Once you have a clear idea of your likely retirement income use our budget planner to make sure you'll have enough to live on.
Create a retirement budget plan online or on paper
If you've not done so yet take advantage of free, impartial guidance from the government's Pension Wise service.
Find out about telephone and face-to-face guidance from Pension Wise
If you're considering an annuity, you’re more likely to get better deal by shopping around -- you could try this yourself, but get financial advice before committing to anything.
Follow our 4-step plan for shopping around for an annuity - then get advice
Unless you are certain about which retirement income option is best for you, get financial advice -your choices will affect your income for the rest of your life and may be irreversible.
Use our Retirement Advisor Directory to search for a specialist
It's likely you'll have less to live on when you retire so it's important to keep your income sources under review and find ways to make your money go further. You also need to plan for the unexpected should your or your partner's health change later in life.
It's likely that your income will fall and your spending patterns change in retirement - but there's lots you can do to plan for this and help your money go further.
Get tips for making your money go further money in retirement
Retirement can last over 30 years so be sure to check annually that any remaining pension pot or drawdown funds are on track to meet your long-term needs - a financial adviser can help you do this.
Create an annual diary alert now, then search for a financial adviser
As you grow older you need to think about how you would cope financially if you or your partner needed long-term care - understanding who pays for what will help you plan.
Find out about costs and funding for long-term care and financial support for carers
As you grow older it's wise to put in place measures to allow someone you trust to manage your affairs if you become unable to do so yourself - this is called granting power or attorney.
Find out about types of power of attorney and how to set one up
By the time you retire a lot will have changed - now's the time to check whether your will still reflects how you’d like to pass on your money and other assets when you die.
Find out how to change your will
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