When can I retire?
You can normally start to access any pension savings from age 55, rising to age 57 from 2028.
Things to think about
- You no longer have to retire and take your benefits all at once - but you’ll need to watch out for the money purchase annual allowance.
- You may have assumed you'd retire at 60 or 65, but do you need more time to build up enough retirement savings?
- Check your State Pension age - it may not be the same as the age you plan to start taking other benefits.
- Is your mortgage paid off? What about other debts?
- If you’re married or have a partner, what will they be doing when you retire? Check those timings. What about other loved ones - will you be spending more time with them too?
- Are you ready for retirement, not just financially, but mentally and emotionally?
Reading time
3 mins
What you need
Read the Pension Approach section first
Key themes at a glance
Timing your retirement
You no longer have to retire and take your benefits all at once. You can start to take some benefits while you carry on working, or take your benefits in stages. But you’ll need to watch out for the money purchase annual allowance
Have you saved enough?
While you may have assumed you'd retire at 60 or 65, do you need more time to build up enough retirement savings?
State Pension age
Your State Pension age may not be the same as the age you plan to start taking other benefits. Check your State Pension age. Can you afford to retire before you can claim your State Pension?
Other debts
Is your mortgage paid off? What about other debts? Having a plan to pay off debts could make a difference to when you can retire
Other people
If you’re married or have a partner, what will they be doing when you retire? Do you need to check your timing so you retire together? What about other loved ones? Will you be spending more time with them, or taking on caring duties, for example? Does this affect your timing?
Getting ready
Are you ready for retirement, not just financially, but mentally and emotionally? What will your ‘purpose’ be when you’re no longer in work? How will you use the time you used to spend working? Age UK has a useful article to help you think about this
When can I retire?
You can normally start to access any pension savings from age 55.
This will rise to age 57 from 2028.
Watch our short explainer video to find out more.