Retirement is a big chapter, but with the right plan, it can be one of your best.
There’s plenty to think about, from how your pension works and how you’ll take your money.
But it doesn’t need to be complicated.
To keep things simple (and even a little fun!), we’ve put together this A to Z guide. It’s packed with simple tips and helpful ideas to make the most of your pension — and shape a retirement that works for you.
A — Auto-enrolment
Since 2012, most workers are automatically enrolled into a Workplace Pension. It’s a great starting point but if you can, consider adding more than the minimum contributions to grow your pot faster.
B — Benefits
Some pensions include valuable extras like guaranteed income or death benefits. It’s worth checking what your pension offers, as it might do more than you think.
C — Carry Forward
Haven’t used all your pension allowance in previous years? You can ‘carry forward’ unused allowances from the past three tax years to boost your contributions now.
D — Drawdown
Drawdown lets you flexibly access your pension, taking money when you need it. Just remember to balance enjoying retirement with keeping enough for the future.
E — Emergencies
It’s wise to keep some cash savings outside your pension for unexpected costs. That way, you shouldn’t have to dip into your pension pot at the wrong time.
F — Fees
Watch out for pension management fees! Even small pension fees can add up over time. So, choose your pension provider carefully and make sure you understand what you’re paying.
G — Gender Gap
It’s a fact that women often retire with less pension savings due to part-time work or career breaks. If that’s you, it’s never too late to top up and take control.
H — Health
Your health can affect your retirement options. For example, an annuity might be right if you want guaranteed income or flexible drawdown may suit your needs better.
I — Inflation
Prices rise over time, so your retirement income needs to keep pace with inflation. By having investments that grow over the long term, you’ll be better positioned to maintain your lifestyle.
J — Jargon Busting
Pensions come with a lot of jargon. Acronyms like SIPPs and UFPLS! But, at Joslin Rhodes, we’ll always explain everything in plain English, no financial mumbo jumbo!
K — Key Milestones
Age matters. You can usually access your pensions from 55 (soon to be 57), but planning earlier always pays off.
L — Lump Sum
You can usually take up to 25% of your pension tax-free lump sum – all at once or in stages. Whatever suits your plan.
M — Market Risks
If your pension is invested in stocks and shares, you need to remember that markets will always go up and down. That’s normal. What matters is that your long-term financial plan truly reflects the level of risk you are realistically willing to take to get the returns you’re after.
N — No One-Size-Fits-All
Everyone’s situation is different – your retirement plan should fit your lifestyle, goals and what will make you happy.
O — Options
Annuity? Drawdown? Take a lump sum? When it comes to accessing your pension, you’ve got options. Let us help you weigh them up.
P — Planning Rooms
Fancy a chat about consolidating your pensions? Or how to protect inheritances from the taxman? Drop by our Stockton Planning Rooms in Preston Farm or book a free one-to-one meeting here with one of our friendly local experts.
Q — Questions
No question is too small – asking the little ones often leads to the big ones. And answering those is how we help you plan for a confident, stress-free retirement.
R — Retirement Goals
What does retirement look like to you? Travel, hobbies, family time? Let us help you see the big picture of what’s possible and build a personalised plan to make it happen.
S — Sidecar Savings
Some new ideas like ‘sidecar savings’ let you build emergency savings alongside your pension – a handy way to protect both!
T — Tax Efficiency
Pensions are tax-friendly, but the rules can change. With the current Pension Review underway and pensions due to be included as part of estates for Inheritance Tax from 2027, it’s important to keep an eye out of what the government is doing, and when.
U — Up To Date
Keeping your plan updated, especially when laws or your circumstances change, helps avoid surprises further down the line.
V — Voluntary Contributions
If you’re able, add a little extra each month your pension. Even small top ups can make a big difference over time.
W — Withdrawals
From age 55 (rising to 57 from 2028). You have flexible options to take money from your pension. You can choose regular income, lump sums, or a combination of both. Just remember though, once you start withdrawing, the rest stays invested, so timing matters if you need it to last.
X — eXpert Advice
Retirement Planning can feel complex. But it doesn’t need to be. You just need to take the first step and start the conversation with people like us at Joslin Rhodes. We’ve been helping Teessiders retire happy and stress-free for over 20 years – and we’re just a call away.
Y — Your Plan
This is your retirement, your money, your future. We’re just here to help you build a plan that does everything you want it to.
Z — Zero Pressure
No pressure. No jargon. Just helpful advice, friendly faces, and a cuppa if you fancy one. That’s the Joslin Rhodes way.
Ready to make your retirement plan as easy as A-to-Z?
Pop into our Stockton Planning Rooms or book your free meeting today. You’ll get friendly guidance, honest answers, and a plan that’s built just for you.
Because a happy retirement doesn’t have to just be a dream, it can be a reality. And it can be made right here in Teesside.
