5 questions to ask before you retire

Having all the facts is vital to maintain your standard of living once you finish work. By CAMILLA FOSTER

- CAMILLA FOSTER

RETIREMENT opens doors to exciting prospects like travel, hobbies and more quality time with loved ones, but thinking about all the financial decisions around it can feel overwhelming.

In the lead-up to giving up work for good, questions around pension pots, annuities and tax become increasingly important, and tackling these less-exciting details now will enable you to enjoy the fun stuff later without the added stress.

To help make the transition smoother, we enlisted the help of Robert Cochran, retirement expert at Scottish Widows, who has outlined five essential financial questions to ask yourself before stepping into this next chapter of life...

1. Should I combine pension pots?

“Track down any lost pensions by using the government's pension tracing tool, and consider if you should combine them into one so it’s easier to manage - it could save you money too,’ says Robert. “I would also recommend visiting Pension Wise, the government’s free service for over-55s.”

2. How much state pension am I entitled to and when does it kick in?