Retirement answers you can trust

A series of short clips of members of the public on the street answering common retirement questions:

Question: How much do you need to retire?

I don’t know. Somewhere in the region of six figures, I think.

£100,000?

About £500,000.

£100,000 maybe?

Around a million, I think.

Certainly over a million.

A lot more than what I have.

I suppose it depends how nice of a retirement you want.

Question: How much is the State Pension?

I haven't got a clue.

I have no idea.

That I honestly couldn't tell you.

Around a grand?

800, maybe a bit above that, a grand or something like that, I think.

200 odd pounds a week.

At least £20,000 a year. I know it's probably nowhere near that.

Question: How long does your pension need to last?

Oh, as long as possible. I mean, people are living until they're like 100 now, so 30 years?

20 years, 30 years maybe.

Well, hopefully till you pop your clogs. But whether that will happen or not, I don't know.

When it come to retirement, everyone has questions.

Cuts to HL clients:

Text on screen reads With Hargreaves Lansdown, client get the answers they can trust.

Multiple HL clients talking about retirement:

Preparing for retirement, it seemed like the best place I could be was with Hargreaves Lansdown.

HL is great compared to my old pension provider.

They are a key part to how I've been able to retire at 50.

Retirement is, is good. The days are filled up with things that you want to do rather than what you, what you have to do.

We won't be flying around the world, when we retire. I know that, but, I can still keep my gym membership going.

The Hargreaves Lansdown website has a lot out there to help you there make an informed decision.

It's helped me plan a lot better for my future retirement prospects.

The information has really helped me understand investing.

All the information and research they provide helps you to invest with confidence.

Through what I've learned from investing with Hargreaves, I'm confident in making my own financial decisions.

Every step of the way, I found them to be very responsive, very helpful.

Very pleasant, always very polite, very knowledgeable, more than willing to help.

Even though I'm just one of hundreds of thousands of people that invest here. The point is, I feel that I can trust the organisation, and that gives me such a sense of security.

It's always been very easy to see what your money is doing on a day-to-day basis.

You tend to get a rosy feeling whenever you deal with Hargreaves Lansdown.

They've always been there. They've done me very well. Our children are both clients. It's been passed down from generation to generation.

I feel my money is safe with Hargreaves Lansdown.

I don't know, there's just something about them, you just feel safe.

You only need one word to describe Hargreaves, it's simply outstanding.

Text on screen reads You’ve got questions, we’ve got answers you can trust. More than 1.8 million people in the UK trust HL to help them save and invest wisely, for a comfortable future.

Claire Stinton speaks to the camera.

“Did you know you can keep paying into your pension even after retirement? Let’s dive into why this might be a smart move for your financial future.

For starters, the government adds 20% in basic-rate tax relief, each time you add money to your pension. You just need to be a UK resident under age 75.

Higher-rate taxpayers can get back even more through their tax return. They can claim up to an extra 25% in higher rate tax relief. You just need to be aware of certain contribution limits, which depend on your personal circumstances.

Let’s look at how much you can pay in, depending on your situation.

If you earn less than £3,600 or have no income, you can still contribute up to £2,880 each year. The Government tops it up with £720. Over time, it can really add up.

If you’re still working, but you’ve already taken a flexible income from your pension, you can pay in up to £10,000 each tax year. This includes any contributions made by your employer, and any basic rate tax relief added by the Government. This is known as the Money Purchase Annual Allowance.

If you haven’t accessed your pension, or you’ve just taken your tax-free cash lump sum, you can pay in up to £60,000 a year. Again, this includes payments from your employer and any tax relief you might receive.

As well as tax relief, there are other tax benefits to paying into a pension after retirement.

When it comes to taking money out, you can take up to 25% of the value of your pension tax-free, and the rest is taxed as income.

It also allows you to build up wealth, free from inheritance tax. Any money in a pension is held outside of your estate. In some cases, you can even pass on the money completely tax free.

If you want to learn more about paying into a pension after retirement, we’ve got essential information on our website, and calculators to help you work out how much tax relief you could get. Remember, pension and tax rules can change, and benefits depend on your circumstances.

Closing screen warnings.

Money in a pension is usually only accessible from age 55 (rising to 57 in 2028). Pension and tax rules can change, and benefits depend on your circumstances. This video isn’t personal advice. If you’re not sure what’s right for you, please ask for advice.