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Updated on 6 April 2024

Planning for retirement: a tax checklist

It is sensible to make sure you are prepared for the tax implications of retirement. Here we provide a useful checklist of some things you might need to consider. 

a piece of white paper titled 'CHECKLIST' down the left side are boxes with a red tick in each one.

Content on this page:

State pension

Look at what state pension you might get and when. Here are some things to think about:

State benefits

A change in circumstances can mean that there is a change in state benefits you receive or can claim in the future. We suggest getting in touch with a welfare benefits adviser for a benefits review.

Other pensions and tax

Your income is likely to change as you think about retirement, which is likely to prompt you to look at any pension savings you have. But you should also think about how reducing or stopping work can affect your overall tax position. Here are some things to think about:

  • consider whether or not you could cash in your pension, although be aware that for tax reasons it might not always be a good idea to take it all out in one go;
  • check whether you have the details of any workplace or private pension schemes that you have paid into. If you cannot find these, a tracing service is available. See GOV.UK for more information;
  • check your National Insurance position if you intend to continue working;
  • check your tax code and be aware of possible problems;
  • think about whether you and your spouse or civil partner could elect to use the marriage allowance;
  • consider the position if you intend to retire abroad;
  • check what UK tax you might have to pay on any overseas pension.
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