The perfect time to talk about your retirement plans
Your retirement-ready review
In your fifties, you have the power to supercharge your pension. There’s a chance your earnings are at their peak, and you’ve paid off some of your biggest expenses, like your mortgage. In any case, the key is to take control. By taking action now, you’ll be able to retire on your terms.
At HL, our goal is to give you the tools and know-how you need to be ready for retirement.
Sometimes, only an actual conversation will do when it comes to finding answers to the important questions in life. And it’s the same with pensions and retirement. That’s why we have a straight-talking team of retirement experts on the other end of the phone who are happy to answer any questions you have.
Our experts can cover:
- Your retirement goals
- Questions about the State Pension
- How to find and move your pensions
- Ways to boost your pension savings
The aim of the review is to provide you with all the information you need to make your own decisions with confidence. But it will not be personal advice on what you should do. If you think you need advice after speaking to our experts, we can put you in touch with an adviser.
Four questions to ask yourself today
Whether you decide you want a review or not, answering these questions will help.
What's my ideal retirement age?
Knowing roughly when you want to retire is a good starting point.
Do you want to become self-employed? Do you want to reduce your working hours gradually? There are lots of ways to move towards retirement.
Did you know?
- Over 1.2 million people 65 or over are working in the UK
- The earliest you can access your pension is usually 55, but the average age people retire is much higher – 65 for men and 63 for women
What are my pensions worth?
Knowing how much you've already saved will help you decide what you need to do to reach your goals. Just ask your pension providers for a current statement:
- Most pensions will be a pot of money you can make withdrawals from – these are known as money purchase pensions, such as our self-invested personal pension (SIPP)
- Some workplace pensions pay you a promised income at a certain age – these are known as defined benefit or final salary pensions
- Remember, you should get some help from the government. The full State Pension is currently about £8,500 a year
Our pension calculator can help you see what your pension might be worth when you retire. You can change your retirement age to see how this affects the results.
How much should I save for retirement?
In your twenties and thirties it can be tricky to find spare money to put away for your retirement. Other things, like buying your first home, starting a family or running your own business are often top of your priorities.
The good news is, in your fifties, it’s not necessarily too late to do something about it. And you might have paid off your mortgage or your children might not need the bank of mum and dad any more.
You might find it helpful to set a savings target. And thanks to the power of investment returns and annual growth, it might actually be easier than you think to save the amount you want.
Potential saving targets from age 50 to 65 (15 years)
Target amount Monthly saving Tax relief added Total monthly saving Target growth (5% a year) £25,000 £76 £19 £95 £8,160 £50,000 £151 £37.75 £188.75 £16,214 £75,000 £226 £56.50 £282.50 £24,267 £100,000 £301 £75.25 £376.25 £32,321
Further tax relief may be available if you pay tax at a higher rate.Please note, tax rules may change and benefits depend on your circumstances. These figures have used a growth rate of 5% a year after charges and don’t take inflation into account. Actual returns will be different because investments go down as well as up in value. You could get back less than you invest. This page isn’t personal advice. If you’re not sure if an investment is right for you, please get advice. Remember money paid into a pension cannot normally be accessed until age 55 (57 from 2028).
Are my investments on track?
Could your pension be giving you better returns?
Your pension might be quite substantial by now. As it’s been invested in the stock market, you might want to check that you’re happy with its performance. You can do this by contacting your pension provider.
If you’re new to picking your own investments, our beginners guide to investing is a good starting point.
Book your retirement-ready review
Our straight-talking team of retirement experts are happy to answer any questions you have and help you review your retirement options.