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Managing in retirement

Knowing how much money you've got coming in and going out is important whether you're about to retire or are actually in retirement. You'll have different options to take into consideration based on the fact that you'll probably have a lower income, more leisure time and different needs. You may be receiving a State Pension and possibly have some additional income in the form of an occupational or private pension.

Use our two easy steps below to help you take stock of your finances, and once you know where you stand, to give you tips on making the most of your money.

Step 1: Take stock

Use our information and useful tools to help you work out your day–to–day finances.

Go to step 1 >

Step 2: Take action

Once you know where you stand, take control to make the most of your money.

Go to step 2 >

Do

  1. Be straight with yourself about how much money you've got coming in and how much you spend
  2. Claim any benefits or discounts you may be entitled to, for example, Pensions credit, winter fuel payments, television licence and help with health costs
  3. Get all the pension income you're entitled to by checking with previous employers

Don't

  1. Put off working out your budget – the sooner you know where you stand, the sooner you can get things sorted out if you need to
  2. Forget to consider your partner and dependants (if any) when making financial arrangements
  3. Forget to review your finances if your circumstances change, for example if you lose your partner or you need long–term care