You don't have to wait until you're near retirement to begin planning for it. The sooner you begin making arrangements, the smoother the whole process will be. The following information and resources can help guide you.
Your state pension age depends on your situation. It is reviewed on a regular basis to ensure it is fair based on what people can afford and how long people are living:
People are strongly recommended to invest in an additional private or workplace pension scheme to supplement the state pension, which may not be sufficient if it is your sole source of income after retirement. Read more about workplace and private pensions here:
In order to claim on the Teacher's Pension Scheme, you must have completed two years of service after 5 April 1988 or five years' service at any time. The earliest Teacher's Pension Scheme can be paid at age 55 (unless you're granted ill-health benefits). Again, this age is subject to change in line with the State Pension Age. Find out more about the Teacher's Pension Scheme.
Local Government Pension Scheme (LGPS)
You can choose to retire and draw your pension from the LGPS at any time from age 55 to 75, provided you have met the 2 years vesting period in thescheme. If you choose to take your pension before your Normal Pension Age itwill normally be reduced, as it's being paid earlier. Find out more about the Local Government Pension Scheme.
It is important to consider what to do with your pension when you are able to claim, as there are a number of options. The best one for you may depend on your personal circumstances, so consider your lifestyle, family needs and retirement plans. You should seek advice when considering what to do with your pension pot. The following organisations may be able to advise you.
Pension Wise: a government website offering free advice with a pension specialist.
Pensions Advisory Service: offers free and impartial advice for those with workplace and personal pensions.
Tel: 0300 123 1047
Money Advice Service: has an independent adviser directory where you can locate an adviser.
Pension Tracing Service: a free service that can help you find a pension you've lost track of, even if you don't have the contact details of the employer.
Tel: 0345 6002 537
A common concern when thinking about retirement is whether you will have enough money to live comfortably. There are a number of ways you can reduce this worry. The best is forward thinking and planning.
There are a number of ways you can make your money go further. Firstly, you may be entitled to financial support from the government through benefits, and it costs nothing to check.
Age UK has pages on reducing water and energy bills, which is a great way to cut your costs easily each month:
If you need assistance with heating bills during the winter, several different government schemes are available, depending on your circumstances:
As of 1 October 2011, the default retirement age (DRA) has ended. Therefore, employees can no longer force retirement notices on their employees. This means you have the choice whether you want to retire or continue your employment.
If you continue to work, you may want to consider flexible working. People consider flexible working for a number of reasons – including health issues or wanting to travel or spend more time with family – none of which are exclusive to retirement. Flexible working may mean varying your start and end times day to day, working your full hours over fewer days, working part-time, or working from home some or all days. What your employer can offer varies for everyone depending on the organisation and the job role.
If you have worked for your employer continuously for 26 weeks (and are not an agency worker), then you have the right to request flexible working. You can do so once within a 12-month period. For more information, including how to apply, visit the GovUK website.
Not everyone wishes to continue working. After a lifetime of hard work, you deserve some down time. However, there are plenty of options to keep you physically and mentally stimulated. Retirement can be your chance to learn new things, travel to new places and do new things:
When planning for retirement, there is lots to think about in terms of the practicalities, but you must also consider your emotional and physical health. Your planning should revolve around what you are physically able to do and what your emotional needs are as much as it does your finances. Remember to keep both your body and mind healthy.
Healthy body
Your metabolism slows down as you get older, and therefore it is important to keep active. You may have always been active, or it may require a bit more of a conscious effort to get started. There are countless options, depending on your physical fitness level, where you live and what your interests are. Here are some ideas:
Before starting a new activity you should always consult with your GP. The following pages provide additional health and fitness information:
Healthy mind
You must also be mindful of your emotional wellbeing. Later in life people can be overcome by loneliness or reduced self-confidence. All the activities mentioned previously, from studying at a university to joining a tennis club, will ensure you are still surrounded by like-minded people. Not only does social interaction keep you young at heart, it's great for keeping your brain active! A job would previously have kept you busy for a large portion of your time, so in retirement it's important to replace that with something new.
The final trick to a healthy mind is deceptively simple: Just smile! It may sound obvious, but you would be surprised at the positive impact it can have on your own mood and those around you. Time to get out there and start enjoying your new life journey.
Our helpline is manned by highly trained and qualified counsellors 24 hours a day, 7 days a week. We are available to help you, whether you are still working in education or have retired, with any aspect of your life with which you may be struggling. Find out more about our 24/7 confidential helpline or call on 08000 562561.
Kerwick-Chrisp, G. & Schuette, B. (Ed.) (2017, September). Planning for your retirement. London: Workplace Options.
Disclaimer: This document is intended for general information only. It does not provide the reader with specific direction, advice or recommendations. You may wish to contact an appropriate professional for questions concerning your particular situation.