When Can I Retire?

When can I retire in the UK?

The age at which you can retire in the UK is set by the government and is currently 65 for men and 60 for women. However, these ages are gradually increasing and will reach 66 for both men and women by October 2020.

There is no law that says you have to retire at a certain age, but if you want to claim your state pension, you will need to reach the official retirement age for your gender.

If you're not ready to retire at the official age, you can continue working and defer your state pension until later which will provide you with a larger monthly state pension amount. You can also choose to take it early, but this will result in a reduced income.

The decision of when to retire is a personal one, and there are a number of factors to consider. These include your financial situation, your health, your work situation and your plans for the future.

If you're finding it difficult to make a decision about retirement, there is help available. The government website provides information and advice on pensions and retirement planning. You can also speak to a financial advisor for more personalised advice.

How do I find lost pensions?

If you have worked for more than one employer during your career, you may have built up a number of different pensions. These can be difficult to keep track of, particularly if you change jobs frequently. Many people misplace or lose paperwork relating to these pensions and do not keep track of their performance.

By finding your lost or missing pensions you can really boost your retirement income making your retirement more comfortable. Using our Pension Tracing Service will help you find and review your pensions ensuring you get the best possible outcome at retirement, you can also get expert pension advice to help you achieve your financial goals.

What happens to my pension when I die?

When you die, your pension will usually be paid to your surviving spouse or partner. If you do not have a partner, the money will go to your estate. There are some exceptions to this rule, so it's important to check with your pension provider to see what would happen in your particular case. It's also worth noting that if you die before you reach retirement age, your pension may not be paid out in full. This will depend on the rules of the pension scheme.

Finally, it's worth considering taking out life insurance to cover your pension. This will ensure that your loved ones are financially protected in the event of your death.

I'm thinking of retiring abroad. What do I need to know?

If you're thinking of retiring abroad, there are a few things you need to take into account.

Firstly, you will need to make sure that you are eligible for a state pension. To do this, you will need to have worked in the UK for at least 10 years.

Secondly, you need to consider your tax situation. If you retire to a country that has a double taxation agreement with the UK, you will not have to pay tax on your pension income. However, if you retire to a country that does not have such an agreement, you may be liable for tax in both the UK and your country of residence.

Finally, you need to make sure that you have adequate healthcare cover. If you're retiring to an EU country, you will be able to use your European Health Insurance Card (EHIC) to access free or reduced-cost healthcare. However, if you're retiring to a non-EU country, you will need to make separate arrangements.

What are the benefits of retirement?

There are many benefits to retirement, including more free time, less stress and the opportunity to pursue hobbies and interests.

Retirement also gives you the chance to spend more time with family and friends, and to travel. Many people find that they have more energy and enthusiasm for life in retirement than they did when they were working.

Of course, retirement isn't all plain sailing. It can be a difficult adjustment, particularly if you have been in work for many years. Some people find retirement lonely and miss the structure and routine of working life.

However, if you are prepared for retirement and take steps to stay active and engaged, it can be a hugely enjoyable and rewarding time of life.