If you're within ten years of retirement, the decisions you make now matter more than the previous twenty. Here's the checklist.
1. Get your State Pension forecast
gov.uk/check-state-pension. You need 35 qualifying years of National Insurance for the full amount (£241.30 a week in 2026/27). Gaps from career breaks or self-employment can often be filled by voluntary Class 3 contributions — sometimes the best-return investment available.
2. Find your old pensions
Most UK adults have 3–6 workplace pensions by 50. The Pension Tracing Service (gov.uk/find-pension-contact-details) is free. Consolidating can cut fees and make planning simpler — but check for guaranteed annuity rates first; some old pensions are worth more than they look.
3. Decide your withdrawal strategy
- Annuity — guaranteed income for life, predictable.
- Drawdown — flexible, but you carry investment risk.
- Tax-free 25% — you can take it as a lump sum or in chunks. Many people take it all early and regret it.
4. Build a "first 5 years" cash buffer
Returns are most damaging in the first five years of retirement (sequence-of-returns risk). Holding 2–3 years of expenses in cash or short-dated bonds lets your investments ride out a bad market.
5. Free advice
Pension Wise (from age 50) gives a free, impartial 60-minute appointment. Use it.