{"id":55651,"date":"2025-04-27T20:32:08","date_gmt":"2025-04-27T20:32:08","guid":{"rendered":"https:\/\/www.europesays.com\/uk\/55651\/"},"modified":"2025-04-27T20:32:08","modified_gmt":"2025-04-27T20:32:08","slug":"six-tips-for-over-50s-retirement-planning-jasmine-birtles-reveals-all","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/uk\/55651\/","title":{"rendered":"‘Six-tips for over 50s retirement planning’. Jasmine Birtles reveals all"},"content":{"rendered":"

Have you got a money, pensions and retirement question you’d like Jasmine to answer? Get in touch by emailing money@gbnews.uk<\/a>.<\/strong><\/p>\n

Once you get into your fifties, retirement seems like less of a far-off dream and more of an impending reality that looms rather than beckons.<\/p>\n

However, there are some straightforward ways you can plan for retirement so that you have a long and well-funded break once you stop working.<\/p>\n

Firstly, do make the most of the free advice session you are entitled to with the Government\u2019s PensionWise service. Then follow this six-point plan:<\/p>\n

Do you have a money story you\u2019d like to share? Get in touch by emailing money@gbnews.uk.<\/a><\/strong><\/p>\n

\"MoneyJasmine Birtles answers questions from GB News members in the exclusive pensions and retirement Q&A JASMINE BIRTLES | GETTY <\/p>\n

Find out what money you have right now.<\/p>\n

Financial advisor David Braithwaite from Citrus Financial said: \u201cWe are far more nomadic in our working life now, according to the Pensions Policy Institute. <\/p>\n

“Most people will have at least 6 pensions, which will likely increase with auto enrolment, which started in 2012, meaning more people than ever are building up small pension pots without even knowing it. You can trace pensions for free by using this Government service<\/a>.”<\/p>\n

Try Gretel.co.uk to trace any pensions you might have forgotten about. At this stag,e it all helps. You might find that you will need to consolidate these disparate pots too. It\u2019s worth speaking to the people at Pension Potential<\/a> about this and about your various choices when you come to retire.<\/p>\n

It\u2019s also worth checking your state pension forecast for a clear picture. You can then use an online pension calculator to see what your level of savings might mean for your income in retirement, and if you have gaps, there\u2019s still time to explore how to boost your pension pot.<\/p>\n

\u200bConsider how much income you actually need in retirement.<\/p>\n

Ask yourself, what do you need to pay for and what lifestyle will you want? If you know what you\u2019re aiming for, it\u2019s easier to know what to do with your money leading up to retirement. For example, will you have a mortgage to pay? Will you want to travel more or help the grandkids buy a house?<\/p>\n

Once you know your target income \u2014 not just a vague lump sum \u2014 you can plan much more clearly. Some people are surprised to find they need less than they thought. Others realise that with careful planning, they could afford to retire sooner than expected.<\/p>\n

\u200bUnderstand your options<\/p>\n

Mike Ambery, the retirement savings director at Standard Life, part of Phoenix Group, says: “Pensions Freedoms, introduced ten years ago, gave you control over how to access your money when you retire \u2013 but with choice comes a bit more responsibility.<\/p>\n

“Generally, you can access 25 per cent of all your pension money tax free (up to a maximum of \u00a3268,275), which you don\u2019t have to take all at once \u2013 you can leave it to grow and take it when you need it. <\/p>\n

“You can then opt for an additional lump sum, a flexible income, or secure a guaranteed income for life via an annuity. <\/p>\n

“Each has its advantages and considerations, and you can also mix your options.”<\/p>\n

Plan for the duration<\/p>\n

It\u2019s tempting to focus on the first few years of retirement (who doesn\u2019t think of that first unburdened holiday), but remember that your savings might need to last 20, 30, or even 40-plus years.<\/p>\n

Ask yourself, will your retirement be a hard “exit” or will you perhaps gradually reduce days or hours you work to effectively give yourself a glide path to no longer working \u2013 many employers support reducing your days and therefore pro rata of your salary to keep valued members of staff.<\/p>\n

LATEST DEVELOPMENTS:<\/strong><\/p>\n

\"PensionerBritons are worried about their pension savings GETTY <\/p>\n

\u200bWhat dangers are there that might throw your pension planning into disarray?<\/p>\n

Consider what will happen, for example, if you lost your job before retiring or became ill for a prolonged period of time? You can protect the premiums you pay into your pension with income protection to cover these, so you are effectively insuring your pension payments should the unexpected happen.<\/p>\n

Also, don\u2019t forget that even when you are retired, your income will be subject to taxation. “There\u2019s no easy way to say it,” says Ambery.<\/p>\n

“Even in retirement, tax will be a consideration. Some withdrawals beyond your 25 per cent tax free cash might push you into a higher tax bracket. <\/p>\n

“This is particularly likely if you take a large lump sum beyond the 25 per cent. Planning ahead is crucial to consider tax efficiency and keep more of your hard-earned money.”<\/p>\n

\u200bIf you can, top up in your 50s<\/p>\n

Ambery added: “If you\u2019re in a position to do so, your 50\u2019s are a good time to bolster your retirement savings. If you\u2019re still working, make sure you\u2019re taking full advantage of employer pension contributions and tax relief and if you\u2019ve just paid off your mortgage, consider diverting some of your newly free money to your pension \u2013 if you time it right, you won\u2019t miss it and you\u2019ll thank yourself in a few years\u2019 time.”<\/p>\n

\u200bSeek advice<\/p>\n

It\u2019s important to get your finances right at this stage as it will impact the rest of your new (retired) life.<\/p>\n

David Braithwaite says \u201cask your friends and family for a recommendation for an financial adviser or head to www.unbiased.co.uk<\/a> and find one that specialises in pension planning, and in particular uses \u201ccashflow modelling\u201d as they can show you year by year how your retirement is looking and therefore you have time to make any adjustments now rather than when it\u2019s too late.\u201d<\/p>\n

It\u2019s also always worth speaking to your employer and pension provider too to get a clearer picture of where your money is now and where it could be when you retire.<\/p>\n

Jasmine Birtles is founder of the self-help financial site <\/strong>MoneyMagpie.com<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"Have you got a money, pensions and retirement question you’d like Jasmine to answer? Get in touch by…\n","protected":false},"author":2,"featured_media":55652,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3093],"tags":[51,474,8274,2499,16,15],"class_list":{"0":"post-55651","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-personal-finance","8":"tag-business","9":"tag-finance","10":"tag-membership","11":"tag-personal-finance","12":"tag-uk","13":"tag-united-kingdom"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@uk\/114411834391242581","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/55651","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/comments?post=55651"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/55651\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media\/55652"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media?parent=55651"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/categories?post=55651"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/tags?post=55651"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}