If you are approaching retirement you’ll want to take stock of what you can expect to receive in pensions. If you haven’t received a State Pension forecast, ask for one, (www.direct.gov.uk). Find out about any other pensions you have. Many pension plans offer tax-free lump sums at retirement, but you need to consider the pros and cons carefully. With respect to any pension offered, is this the best you could receive? If you have an occupational money purchase pension or personal pension and you smoke or have ill health it would qualify you for an enhanced pension annuity.
Maximise the returns on your savings and investments. The ISA subscription limit is now £10,200 each per tax year. Remember you can normally switch ISAs freely between institutions to potentially gain a better rate of return.
Complete a budget for life in retirement. You may be able to reduce your outgoings and boost that retirement income. Many people just pay the household bills with little thought to the real costs. Savings could be made by switching utility suppliers, considering a water meter or becoming a more ‘savvy ‘shopper.
A useful website for all financial considerations is www.moneymadeclear.fsa.gov.uk; it offers a series of step-by-step guides, such as ‘Retiring soon’ and ‘Getting financial advice’.