Could Your Pension Help You Afford Retirement Living?

As retirement approaches, it’s not always income that causes concern. It’s outgoings.

Rent or mortgage payments, multiple pension pots and uncertainty around what’s possible can make it difficult to see a clear path forward. Many people don’t realise there may be options available to them, which could significantly change their financial position.

So the question becomes: are you making the most of your pension?

From Uncertainty to a Clear Plan

Dave found himself in a similar position. He and his wife had built up several pension pots over the years, with some already consolidated and others still separate. While he had started taking steps to review his finances, he knew there was more to consider. Particularly when it came to improving their long-term income and reducing their housing costs.

Like many, he hadn’t even realised that taking out a mortgage during his retirement was an option until he began exploring his choices more closely.

After speaking with My Pension Expert, Dave was able to step back and look at the full picture. By consolidating his remaining pensions, he created a stronger, more manageable fund. From there, he used part of his pension as tax-free cash towards a mortgage deposit, while setting up a plan to provide a longer-term income.

A Simpler, More Secure Outcome

This approach gave Dave something he didn’t have before. Clarity.

Instead of juggling multiple pension pots and uncertain options, he now had a structured plan that supported both his income and housing needs. Moving away from renting reduced his monthly outgoings by more than half, saving around £700 each month, and gave him far greater confidence in his financial future.

What started as uncertainty became a clear and sustainable retirement strategy.

Why It’s Worth Exploring Your Options

One of the biggest challenges with retirement planning is knowing what’s available. Dave’s experience shows that even small changes like consolidating pensions or reviewing income options, can have a meaningful impact when they’re part of a well-considered plan.

With the right guidance, it becomes much easier to understand how different options work together and what they could mean for your lifestyle in retirement.

Speak to a Pension Expert

If you have multiple pensions, are thinking about reducing your outgoings, or simply want a clearer plan for the future, it may be worth exploring your options. Outcomes depend on your personal circumstances and are not guaranteed. Dave’s story serves as an illustrative example only.

Book a consultation with My Pension Expert today.

Income is not guaranteed and will depend on factors such as investment performance, charges, economic conditions and the level of withdrawals you take. Taking too much too soon could reduce how long your pension lasts.

Past performance is not a reliable guide to future returns. Tax treatment depends on your individual circumstances and may change in future. Charges will apply.

Pension transfers are not suitable for everyone and should be considered carefully as outcomes will depend on your individual circumstances.

With flexible access drawdown, your pension remains invested and its value can go down as well as up, meaning your capital is at risk.

Eligibility restrictions could apply to Mortgage application, as well as affordability restraints, and there may be an impact on inheritance. A mortgage is secured against your home. Your home may be repossessed if you do not keep up repayments.

Relevant limits apply to tax-free cash withdrawals. There may be tax implications as well as an impact on retirement income and pension sustainability following any tax-free withdrawals.