Reaching pension age is a milestone most of us look forward to after years of work in our respective careers. But, unless we make the necessary decisions and have robust plans, it can quickly become a milestone of dread and danger.

Latest estimates suggest lost pension pots in the UK now total a staggering £26 billion, a £7 billion increase in the last four years. Additional data from the Association of British Insurers shows that around 3 million pension pots are not currently matched to their owner. So how do you go about finding a lost pension pot?

Starting your retirement planning at the earliest opportunity is the best way to ensure you meet your financial goals and enjoy your senior years.

If you are entitled to the full new state pension, you will receive £9,627.80 per year when you retire. This is a big chunk of most people’s retirement income. But is it taxable? And how can you optimise your income to make it last?

Age UK says 2.1 million pensioners live in poverty. When approaching retirement, you must manage your finances as efficiently and effectively as possible. There are various ways to draw down your pension pot, and planning ahead can give you a certainty of income as you move into retirement.

Inflation has been in the news of late, rising from just 0.2% in August 2020 to a staggering 5.4% in January 2022. While there are different ways to measure inflation, the most popular is the Consumer Price Index (CPI). Inflation is an indicator of the cost of living measured by price changes in goods and services used in everyday lives.

It is a lot easier than you might think to lose track of your pension assets. However, there are now various ways to check for missing pension funds and reassess your pension options.

Your state pension will likely form a substantial chunk of your retirement income. But how exactly does it work? And what can you expect to receive?