Planning for retirement by age: your 50s, 60s and 70s
Written and reviewed by the Later Life editorial teamUpdated 5 min read
Planning for retirement by age means dealing with the right checks at the right time. In your 50s the focus is often pensions and when your mortgage ends. In your 60s it tends to be the State Pension and turning savings into income. In your 70s it often shifts to paperwork, care and passing money on.
Why planning for retirement by age helps
Some rules are tied to specific birthdays. Others are simply easier to deal with early, before a deadline arrives. This timeline is a rough guide, not a rulebook. Your own dates depend on when you were born, when you stop work and your health. Use it to spot what may be coming next.
In your 50s
Get a clear picture of your pensions
Gather statements for every workplace and personal pension. If you have lost track of one, the free Pension Tracing Service on GOV.UK can find the scheme's contact details. From age 50, you can book a free Pension Wise appointment if you have a defined contribution pension (a pot you have built up).
Know when you can take pension money
The normal minimum pension age is 55, rising to 57 from 6 April 2028. Up to 25% of a pension is usually tax-free. Taking taxable money flexibly can trigger the Money Purchase Annual Allowance, which limits future tax-relieved pension saving to £10,000 a year (2026/27). That matters if you are still working. Our guide to pension options at 55 covers the choices in detail.
Check your State Pension forecast
Your State Pension depends on your National Insurance record. The GOV.UK forecast service shows any gaps and whether filling them could help. You can usually only fill gaps from the past six tax years, so looking in your 50s leaves time to act on what you find. Voluntary contributions do not always increase your pension, so the forecast is a useful first check.
Look at when your mortgage ends
If your mortgage runs into your 60s or 70s, or is interest-only, find out how it will be repaid. Knowing this years ahead leaves more options open. Equity release becomes possible from age 55, although it is only one of several routes and reduces what you can leave.
In your 60s
Reaching State Pension age
State Pension age is rising from 66 to 67 between April 2026 and 2028, depending on your date of birth. The State Pension is not paid automatically: you have to claim it. If you do not claim, it is deferred. Deferring increases your State Pension by the equivalent of 1% for every 9 weeks, just under 5.8% for every 52 weeks, but you go without payments in the meantime.
Turning savings into income
This is often when people decide how to draw their pension pots: keep them invested and draw money as needed, buy an annuity for a guaranteed income, or mix both. Each choice trades certainty against the ability to change course.
Checking Pension Credit
Once you reach State Pension age, Pension Credit can top up a low income. It is not paid automatically: you have to apply. Getting it can also open the door to other help, such as a free TV licence from 75. A benefits calculator on GOV.UK or MoneyHelper can show whether a claim may be possible, even if you think your income is too high.
Deciding where to live
Your 60s are often when people think about moving while it still feels manageable. Downsizing can free up money and cut running costs, but moving has its own costs and upheaval.
In your 70s and beyond
Paperwork while you can make decisions
A lasting power of attorney (LPA) can only be made while you have mental capacity to make it. Our guide to lasting power of attorney explains the types. Keep your will up to date as well.
Planning for care
Attendance Allowance is not means-tested and is for people of State Pension age or over who need help because of an illness or disability. If care costs arise, it helps to understand local care options and costs before they are urgent.
Passing money on
Age 75 matters for pensions. If you die before 75, beneficiaries can usually receive a pension pot free of Income Tax, subject to allowances. After 75, they pay Income Tax at their own rate. Separately, from 6 April 2027 most unused pension funds and death benefits are due to be counted in your estate for Inheritance Tax. From 75, anyone getting Pension Credit can also get a free TV licence.
Bringing it together
A timeline shows when things tend to come up. It does not tell you which option suits you. Our later life finance guide compares pension, savings and property options side by side.
For free, impartial pension guidance, Pension Wise and MoneyHelper can explain your options. For a personal recommendation, speak to an FCA-regulated adviser. We do not provide financial advice.
Frequently asked questions
What should I check about my pension in my 50s?
Many people use their 50s to gather statements for every pension, trace any they have lost, check their State Pension forecast and look for National Insurance gaps. From 50 you can book a free Pension Wise appointment if you have a defined contribution pension. It is also a time to learn the tax rules before taking any money out.
Why does age 75 matter for pensions?
If you die before 75, your beneficiaries can usually receive your defined contribution pension tax-free, subject to allowances. If you die at 75 or over, they pay Income Tax on it at their own rate. Separately, from 6 April 2027 most unused pension funds are due to count towards your estate for Inheritance Tax. Age 75 is also when people who receive Pension Credit can get a free TV licence.
Is it too late to plan for retirement in my 70s?
No. The focus usually shifts rather than stops. In your 70s, planning often means keeping your will up to date, making lasting powers of attorney while you can, checking benefits such as Attendance Allowance and Pension Credit, and thinking about how care might be paid for. Decisions about passing money on also tend to come up.
Do I get my State Pension automatically at State Pension age?
No. You have to claim it. You will usually get a letter before you reach State Pension age telling you how. If you do not claim, your State Pension is deferred, which increases the weekly amount you get later but means you receive nothing in the meantime. You can check your forecast and State Pension age on GOV.UK.
When is a good time to think about downsizing?
There is no set age. Some people move in their 60s, while moving still feels manageable and before health makes it harder. Others stay much longer. It can help to think about stairs, garden upkeep, heating costs and distance from family well before a move becomes urgent, so the decision is made on your own terms.
