Getting ready to access

How much do you need to live on?

Start thinking about the kind of retirement you would like to have. What hobbies or interests would you like to explore?

You might find it useful to look at the Retirement Living Standards page on the Pensions and Lifetime Savings Association website — it could help you picture the kind of lifestyle you could have.

Our Retirement budget planner could also help you work out how much money you’ll need once you’ve retired.

There are a couple of other key things to bear in mind: you may have significantly less debt by the time you retire, and you may be at home more, meaning higher utility bills.

How much will your pensions give you?

Ask your pension provider(s) for up-to-date statements that show your pension savings and how much they could be worth when you retire.

Our guide to state benefits will also help you find out what your state pension will be. From April 2026 the state pension age is changing, which could affect when you can claim your state pension and, in some cases, might mean you’ll need to work for longer.

Making changes

It’s a good idea to review pension savings and investment choices regularly, and to seek independent financial advice to make sure they’re still right for you.

You can also use our Pensions Calculator to see if your plans are on target – and don’t worry, you have a few options to think about if there’s a gap. If you save into a pension through your workplace, for example, and can increase the amount you pay into it, your employer may increase their contributions too.

Take a look at the charges being taken from your pension savings. It might be possible to transfer to another plan with lower costs, increasing the amount you can save.

Have you thought about which funds your pension savings are invested in and how those funds are performing? Most Phoenix pension plans invest in a range of funds from low to higher risk, and you can usually make changes to the ones you choose without any cost. There’s more information in our investment choices guide.

You could think about starting an additional pension. You could also look at your savings. Could they be working harder? Could you be saving more?

We recommend that you take impartial guidance from services like Pension Wise at MoneyHelper, or talk to an independent financial adviser. You’ll find one local to you at Unbiased.

When and how will you take your pension savings?

Once you reach 50 your pension provider(s) will send you a letter showing the current value of your pension.

You’ll get another letter every five years until you decide to take your pension benefits.

Your annual pension statement will help you keep track of how your plan is performing.

From age 50 we recommend you use Pension Wise, the free and impartial government guidance service from MoneyHelper to help you understand how you can access your savings.

Current legislation says you can start to take benefits from personal and some employer pensions from age 55, but that might not be the best option for you. Remember, your pension savings need to last for the rest of your life, and most people live longer than they expect. Check your estimated life expectancy using the Office for National Statistics interactive tool.

There are many different ways to use your pension savings. Use our guide to retirement options to see the choices available to you.

We always recommend that you get in touch with an independent financial adviser to help you plan for your retirement. They’ll review your circumstances and provide recommendations tailored to your needs. If you don’t have an adviser already, you can find one in your local area on Unbiased.