Whatever you are hoping for in your later years, a financial plan can help

Your later years should be one of the most rewarding times of your life. It can be a time when you can finally start to enjoy doing all the things you want to do. But, getting there may take a little planning. 

We have information about managing your money, ideas to secure a long-term income and things to consider when thinking about your later years. We can also help you build a financial plan that will let you make the most of your future.

Make a plan that’s right for you

  • A plan for your property

    Could your property be part of your plan?

    If you own your home, it could be your biggest financial asset. If you do, then it could also be a source of income for you in later life. We can help you to understand your options and see what could work for you. But, it’s important to consider your options carefully.


    Equity release

    If you are a homeowner, one option is equity release. This is when you borrow money against the value of your property. The amount you borrow, plus interest, is repaid when you die, which can reduce the value of your estate.

    Understanding equity release


    If the time is right, you could consider moving somewhere smaller. This could free up some money to use as income. It may also reduce your costs of living in your later years. We have some useful information to help you work through the pros and cons of downsizing.

    Should I downsize?

    Buying to let

    If you have the money, buying a second property could provide you with a rental income in later life. Depending on the type of property you buy, it could also provide a holiday home where you and your family could spend quality time together.

    Buy to let mortgages

    If you plan to move

    If selling your home becomes part of your plan, you want to make sure that it makes good financial sense. Consider how much your home is worth, how the housing market is performing and whether you are ready to sell your house. Above all else, you need to be sure that moving house is right for you and your lifestyle.

    Factor in all the costs

    Moving house can be an expensive process. There are lots of costs to think about, so it’s important to think about the big picture. Also include the difference in costs of living in your new property.

    Is moving house right for you?

    Don’t let money be the only reason to move. Think about how a new home would improve your life in terms of location, lifestyle, social circle and proximity to your family.

    Think ahead

    It may be the last time you move home, so you need to make sure your new home will meet your needs both now and in the future. There are many things to consider when thinking about your ideal home, from neighbours to local amenities and suitability for your later life needs.

  • A plan for your investments

    You could benefit from Stock Market growth through our range of ISA, Share Dealing and Investment Accounts. You can choose from Ready-made Investment Accounts, or choose for yourself where to invest. Either way, you could potentially make your money work harder and reward your future self.

    Please remember, the value of an investment and the income from it can go down as well as up and you may get back less than you invested. We don't provide advice, so if you are in any doubt about making your own investment decisions we recommend you seek advice from a suitably qualified financial adviser. There will normally be a charge for that advice.

    Reviewing your investments

    As you get closer to retirement, you may want to think about reviewing your investments. Some people like to reduce their exposure to risk or focus on potential income.

    Share dealing

    Self-Invested Personal Pension

    If you are a confident investor, you may choose to invest in a Self-Invested Personal Pension - or SIPP. You could also benefit from tax relief depending on your circumstances. You can choose from a greater number of investments to spread your money and potentially help reduce your risk. It will hold your chosen investments until you retire and start to draw a retirement income.

    Understanding SIPPs
  • A plan for your money

    Plan long-term peace of mind for you and your family

    While it’s important to plan for what you want in later life, it’s also good to plan for the things that you may not want to think about. Such as, what will happen to your estate after you die. By thinking about this now, you can have the peace of mind that loved ones are taken care of in the future.

    Have an up-to-date Will

    It’s important to have a Will in place as it will give you peace of mind that your wishes will be carried out after you die. As life changes, your decisions may also change, so review it regularly and keep it up-to-date.

    You can find out more about making a Will on the government website.

    Making a will

    Power of attorney

    It’s worth thinking about who could make decisions for you if you were unable to make them yourself. By appointing one or more attorneys, it will give you peace of mind that someone you trust will be in charge of your affairs, if you have an accident or an illness and can’t make your own decisions.

    Learn about Power of attorney

    Is your life cover up-to-date?

    Life insurance could pay out a lump sum payment, in the event of your death. This can help you support your loved ones when you can’t be there for them. If you have life insurance, it is important to keep your information up-to-date and make sure you name a beneficiary on your policy. You should also let your family know that you have this type of policy in place.

    Understanding life insurance

    Making a plan for money and your property

    You may want to leave your estate to family or friends after you die. If you do, you’ll need to think about who will inherit your pension, your life insurance or your home. We can help answer some of the questions you may have.

    Grandfather and children on the sofa

    Passing on your home

    Many people choose to pass on their home to their family when they die. If you do too, you’ll need to think about Inheritance Tax allowances. A gift of your home to your children or grandchildren could secure an additional tax-free allowance of £175,000. This is called the Residence Nil Rate band. Tax can be a complex topic, so it may be worth seeking additional financial advice. There is more information available on the government website.

    Understanding inheritance tax
    mother and little girl on the sofa

    Passing on your pension

    Your remaining pension savings could be passed on to your family or friends. If you want to do this, you’ll need to nominate a pension beneficiary and let your pension provider know who it is. You can find more information on passing on your pension, from the pension experts at Scottish Widows.

    Pension beneficiares


    Thinking about later life care and funeral planning

    Life can change quickly as we get older. Even if you are a picture of health today, you should still think about your future. What plans would you like to have in place if your health declines, even if it does seem a long way off. With the costs of healthcare rising, you may want to put aside some money and talk to your family so that they are aware of your wishes.

    Another thing to think about is what kind of funeral you would like. You can arrange this in advance with a funeral plan. While you may not want to think about this, it will help your loved ones after you die and give you peace of mind knowing that you have already covered most of the costs.

    A funeral plan lets you pay for your funeral in advance, at today’s prices. This will give you the assurance that the money you pay can only be used for funeral costs. It can be paid in a lump sum or in monthly instalments. Speak to a funeral director or funeral plan provider for more information and plan for the funeral you want.



    Taking care of things for you

    As part of our wider group, we can introduce you to the Lloyds Bank Estate Administration Service. If you need support and guidance with any aspect of administering an estate, such as applying for Grant of Probate and would like to find out more about our services, please contact us on 0800 056 0171 (or +44 1733 286 482 if calling from abroad). Lines are open Monday to Friday, 9am – 5pm. Calls may be monitored or recorded.

    Our initial support and guidance is fee free and without obligation. If you think the service is right for you, we will explain our fees and charges to act as Executor or Administrator to an estate. Fees and charges for our services are charged to the Estate.​


A plan for your pension

Managing your pension may feel a little complicated. We have some information to help you to work through the options. We can also help you find any lost pensions and understand what pension you may be entitled to claim.

Understanding your pension options

When you reach 55 years old (57 from 2028), you can start to access your pension. You can take a guaranteed income for life (an annuity), a flexible drawdown, a lump sum or to keep it where it is. You are also not limited to one option. For example, you can take a lump sum (up to 25% tax free) along with an annuity or flexible drawdown, leaving the rest invested.

You can choose to make a plan that combines any of these options. You may have an idea as to what you want to do, but if you want to get some advice, you may be charged for it.

Pension options

Transferring to consolidate pensions

You may have more than one pension. If you do, you can choose to leave your pensions where they are, or consolidate them into one pension pot. Transferring your pension and consolidating them, may make things simpler for you when starting to plan for retirement. It may also save you money on charges. However, transferring may not be right for everyone, so look at your options carefully.

Combining pensions

Frequently asked questions

Pensions can sometimes be difficult to get your head around. We have put together some FAQs to help you, as you build your plan. Start planning for the future you want.

Your questions answered

Locate your lost pensions

You can get help to find the contact details of any lost pensions on the government website. You can also see how much State Pension you could be entitled to and when you can claim it.



Find your pension

    More support

man on sofa with young boy

Money management

We have tips and tools to help you with budgeting, borrowing, saving or supporting others.

Managing your money
man on sofa with young boy

Life events

We’re here for the ups, the downs and everything in between.

Life's key moments

Halifax is a division of Bank of Scotland plc. Registered in Scotland No. SC327000. Registered Office: The Mound, Edinburgh EH1 1YZ. Bank of Scotland plc is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 169628.