A pension is a long-term investment. Its value can go down as well as up and could be worth less than was paid in. Laws and tax rules may change in the future. Your own circumstances and where you live in the UK also have an impact on tax treatment.

It’s never too early to start planning for life after work – but the sooner you begin, the better. And as you approach retirement, you need to think about how you’ll manage your money. From figuring out whether you’ve saved enough to brushing up on tax rules, here are some things you can do to help.


How do I manage my income in retirement?

You’re likely to have more than one source of income in retirement. For example, these could include:

  • The State Pension, which most people can claim once they reach State Pension age (currently 66 and rising to 67 by 2028)
  • Personal and/or workplace pension plans
  • Other investments and savings

A helpful first step is to think about where your own income might come from and how much money you’re likely to have.

You can see how much State Pension you might get on the government’s website. You can also check your State Pension age.

Remember, you can choose to stop working before you reach State Pension age.

You could also look at the current value of any pension plans you have to see how your money is doing. If you’re a Standard Life customer, you can do this on our mobile app or by logging in online.


How could I manage my living expenses in retirement?

Think about what you’ll spend your money on when you retire.

You’re likely to spend less in retirement. You’ve possibly paid off things like a mortgage or car by that time, for example.

But you’ll still have everyday essentials to cover, like utility bills and food shopping. Some of your other costs could rise. You might have a list of places you want to see and things you want to do to in retirement.

Once you know how much you might need, you can compare this amount to the potential value of your pension plans and other income sources. This can help you see if you’re on track for the lifestyle you want.

Unsure what to do next?