Ready to retire? Understanding your choices

At aged 50, retirement could be as little as five years away. But whether you’re planning to retire then, or in many years’ time, we’ve put together some things you might want to think about.

Your questions answered

What should I do today?

Scottish Widows have been helping people plan for retirement for over 200 years. As a part of our Group, they can help you to understand whether your plans will give you the retirement you want and help you make the best decisions for you.

To find out more about pensions and how you can save, visit the Scottish Widows website.

Scottish Widows website

Or if you’re looking to be a little more self-directed with your pension you could look at our Self Invested Personal Pension (SIPP), available through Halifax Share Dealing.

Self Invested Personal Pension

Tools and resources

Retirement Planning - access information to help plan your retirement

Scottish Widows pensions

Handy Tool - if you’re approaching retirement, review your pension options with our pensions provider Scottish Widows and see how you could benefit

Pensions Calculator

Pensions Transfer - if you have more than one pension pot you could combine them into one plan to make them easier to manage

Pensions Transfer

44% of people think they will be worse off in retirement.*

Looking for helpful money advice?

Visit Pension Wise from MoneyHelper for guidance on your options. They offer appointments over the phone or in person, to help you understand your financial situation when you retire.

You might also want to talk to a financial adviser. Find one near you.

Need expert advice on retirement?

If you’re not sure if you’re on track for the retirement you hope for, then our partner Schroders Personal Wealth could help. They provide personalised advice on a range of products and services. It all starts with a free, no obligation chat, then a financial plan that’s tailored to you.

Eligibility criteria applies. Fees and charges may apply.

More about retirement advice

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.

Eligible investments with us are protected by the Financial Services Compensation Scheme (FSCS). For further information about the compensation provided by the FSCS, refer to the FSCS website at You can also visit our Financial Services Compensation Scheme page for more details.