With one third of our lives being spent at work, there is no surprise why many look forward to the golden days of retirement. Transitioning from work-life to retirement can impact an individual both financially and emotionally. Therefore, it is important to ensure that you are properly prepared before you decide to take the step to retire.
Understanding your income
Once you have retired, you will likely have two main sources of income: your State Pension and your Private Pension, both are outlined below.
State Pension
A State Pension is a regular payment that you receive from the government upon reaching a certain age. Receipt of this pension is not automatic, normally you need to apply to the government for the payments to begin. In order to receive the State Pension payments, you must satisfy eligibility criteria. You can check your eligibility here.
