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Understand your retirement options

Watch this short video of people describing their approach to retirement income. Download the video transcript

Retirement is no longer the cliff-edge it once was. Whether you stop work in one go or ease into retirement gradually, this tool can help you make the most of your retirement savings. This tool can help you:

  • understand what each retirement income choice could mean for you
  • identify what sources of income you’ll have in retirement
  • consider your pension pot options
  • work out how much you might get from each option and any traps to avoid
  • decide what your next steps should be
Compare retirement income options

Preparing for retirement

New rules introduced in April 2015 give you more freedom over what you can do with your pension pot. Deciding what to do can be tricky.

In the retirement income options tool we explain what you need to think about. This includes what income you’ll have, how much you’ll need and how long your money needs to last. You’ll also need to consider risks to your income, tax and inheritance.

You can then explore your pension pot options and use our tools to try out different scenarios to see what’s right for you.

Finally, there are some practical next steps and resources to help you plan for a comfortable retirement.

Retirement shop

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