Just Retired? 5 Essential Money Moves for a Secure Retirement
Discover our 5-step checklist to sorting out your finances when you've just retired.
Everything you need to know about money in retirement
Sorting out money in retirement can feel daunting, but it doesn’t have to be. We break down saving strategies, inheritance planning, and more in our handy Hub. All designed to help you manage your money so you can focus on enjoying your retirement in peace.
13 Benefits You Can Get in Retirement
13 benefits that retired people can potentially claim, the eligibility rules, and how to apply.
Retirement related articles
Dive deeper into our handy articles - on everything from the top money mistakes to avoid in retirement to 10 tips for later life planning.
Want to put money away for the kids or grandkids?
Thinking about putting something towards their future? Junior ISAs are a great way of tucking money away to grow over the long-term without worrying about incurring tax on cash interest or investment gains.
Frequently asked questions about money in retirement
What should I do with my money when I first retire?
Start by checking your income sources line up with your spending: State Pension, any workplace or personal pension (SIPP), and savings or drawdown income. Review your essential costs first, then decide what's left for everything else. It's also worth checking you're claiming any benefits you're entitled to.
What benefits can I claim in retirement?
Depending on your income and circumstances, you may be entitled to support such as Pension Credit, Attendance Allowance, Council Tax Reduction, or help with NHS and travel costs. Many retirees miss out on benefits they're owed simply because they don't realise they qualify, so it's worth checking your eligibility on GOV.UK or with MoneyHelper.
Should I choose drawdown or an annuity for my pension income?
Drawdown keeps your pension invested and lets you take income flexibly, though your pot can fall as well as rise. An annuity swaps your pot for a guaranteed income for life, with less flexibility. Many retirees use a mix of both. The right choice depends on your other assets, health and appetite for risk.
Do I need Power of Attorney once I've retired?
A Lasting Power of Attorney lets someone you trust manage your money and property if you're ever unable to make decisions yourself, for example after an illness. It's worth setting one up while you're well, since it can't be arranged once you've lost mental capacity. Anyone over 18 can set one up, not just retirees.
Will my pension be subject to Inheritance Tax?
Currently, most unused pension funds sit outside your estate for Inheritance Tax purposes. From April 2027, this is changing: most unused pensions and death benefits are due to count towards your estate's value, which could create a larger tax bill for some beneficiaries. It's worth reviewing your estate plan ahead of the change.
Should I save into an ISA or a pension once I'm retired?
Once you're retired and no longer earning, pensions can't receive Tax relief is money the Government adds to your pension to make up for the Income Tax you've already paid on it. For a SIPP, everyone gets tax relief at 20% (the basic rate), which boosts the value of your pension automatically. in the same way, so ISAs often become the more useful home for further savings, since withdrawals are tax-free. Which is right for you depends on your income, tax position and what you're saving towards.
What are the most common money mistakes people make in retirement?
Common mistakes include withdrawing too much from drawdown too early, not checking for unclaimed benefits, leaving old pensions untracked, and not updating a will or Power of Attorney. Many retirees also underestimate how long their money needs to last, so it's worth reviewing your plan regularly rather than setting it once.