Brits close to retirement told 'you don't have to wait' in major pension tip

If you're hoping to retire soon, you might feel overwhelmed about where to start and which steps to take. There's a lot to consider and you'll want to make sure you get things right. Consumer website Which? has shared its top tips on preparing your finances for retirement. Breaking things down can make retirement seem more achievable and less stressful.

One of the key pieces of advice Which? gives is to think about when and how you'll access your pension. Which? reminds Brits they don't need to wait until they are fully retired to access their pension. It says: "You don't have to stop working to take your pension. You can access money in private pensions once you reach the age of 55 (rising to 57 in 2028). However, the longer you wait to start taking your pension, the lower the risk that you'll run out of money later in retirement.

"There are various ways to access your retirement savings, including withdrawing lump sums, buying an annuity and using pension drawdown."

But this isn't its only tip, it also suggests tracking your expenditure before you retire.

While this might seem obvious, keeping a close eye on your spending habits will help you figure out when is a realistic time to retire - and how much you'll need saved.

Which? says you'll need to bear in mind that while you're likely to have a lower income than when you were working, you'll be spending less in certain areas such as commuting to work.

Retirement marks a major life transition and you may be looking forward to it as a time to relax, travel, or pursue hobbies after years of hard work.

It offers freedom and a chance to spend more time with family and while it might not be easy, being well-prepared is crucial.

Adjusting to a new routine, managing finances without a steady income, and finding a new sense of purpose can be challenging.