You may think that retirement is simply stopping work at 65 and taking your pension. Not at all. You don’t need to stop working to take your pension.

You can continue to work full-time or part-time and take cash from your pension pot. In fact, you can even continue to contribute to a pension pot while you’re working and top it up for years to come.

It’s worth noting that there’s a limit to the amount you can save into a pension and get tax relief. This is known as the annual allowance which for the current tax year is £60,000 or 100% of your earnings. Depending on the way you access your money, this allowance could reduce to £10,000 (known as the money purchase annual allowance). 

The way you plan to retire can help you decide when you can afford to retire.