The contributory benefit<\/a> provides essential financial support for nearly 13 million older people across the country, including more than one million retirees living in Scotland. This regular payment of up to \u00a3230.25 per week is available for those who have reached the UK Government\u2019s eligible retirement age and have paid at least 10 years\u2019 of National Insurance contributions.<\/p>\n Many people approaching the official age of retirement this year (or next) and eligible to start claiming State Pension from the Department for Work and Pensions (DWP), or those approaching 55 and keen to start withdrawing from a personal or workplace pension, may not be aware of a handy checklist produced by the Citizens Advice network<\/a> to help navigate the unchartered territory of the road to retirement.<\/p>\n READ MORE: New State Pension payment delays for older people due to retire this year<\/a>READ MORE: Full New State Pension payments during retirement means you need to work this number of years<\/a><\/p>\n The nine-point checklist is a good place to start if you\u2019re nearing the end of your working life and not sure what financial support is available in later life to help you enjoy retirement<\/a> to its fullest.<\/p>\n Retirement checklist<\/p>\n Citizens Advice Scotland has a full guide to retirement planning which you can read here<\/a>, below is a quick overview of what you should check as you approach retirement.<\/p>\n 1. Work out what money you\u2019ll have coming in and think about how your spending might change once you\u2019re retired – the Citizens Advice Budgeting Tool<\/a> can help with drawing up a budget.<\/p>\n 2. If you get benefits, let the benefit provider know when you will be retiring – you may have to claim a different benefit or the amount you get might change.<\/p>\n 3. Check whether you’re entitled to any new benefits – you might be able to get benefits like Carer’s Allowance, Carer Support Payment, Housing Benefit or a Council Tax Reduction.<\/p>\n 4. Work out how much is left to pay on your mortgage (if you have one) – you might want to pay off what’s left with a lump sum, but you should get financial advice first<\/p>\n 5. Get an estimate of your State Pension – the GOV.UK State Pension calculator<\/a> can help you with this.<\/p>\n 6. Track down any pension providers that you\u2019ve lost contact with – the P ension Tracing Service<\/a> can help with this. Call them on 0800 731 0193 or use their online form to find a lost pension.<\/p>\n 7. Get in touch with all your pension providers and let them know you\u2019re planning for retirement – they’ll usually send you important information about your pension.<\/p>\n 8. Get financial advice or help from MoneyHelper<\/a> (formerly Pension Wise) – if you have a personal pension so that you know all the options available to you. You may have to pay for independent financial advice, but it could be worth it in the long run.<\/p>\n 9. Consider leaving your pension pot to someone when you die – there will be tax implications for doing this, so you should talk to your pension provider or an independent financial adviser.<\/p>\n Find out more about preparing your finances for retirement on the Citizens Advice Website here<\/a>.<\/p>\n State Pension age change<\/p>\n It\u2019s important to be aware of the upcoming change now, especially if you have a retirement plan in place. Everyone affected by change to their State Pension age will receive a letter from the DWP well in advance.<\/p>\n Who will be affected by the State Pension age rise:<\/p>\n People born on April 6, 1960 will reach State Pension age of 66 on May 6, 2026 while those born on March 5, 1961 will reach State Pension age of 67 on February 5, 2028<\/p>\n Your State Pension age is the earliest age you can start receiving your State Pension. It may be different to the age you can get a workplace or personal pension.<\/p>\n Anyone of any age can use the online tool at GOV.UK<\/a> to check their State Pension age, which can be an essential part of planning your retirement.<\/p>\n You can use the State Pension age tool to check:<\/p>\n When you will reach State Pension ageYour Pension Credit qualifying ageWhen you will be eligible for free bus travel – this is at age 60 in Scotland<\/p>\n Check your State Pension age online here.<\/a><\/p>\n Join the conversation on our Money Saving Scotland Facebook group<\/a> for money-saving tips, the latest State Pension and benefits news, energy bill advice and cost of living updates.<\/p>\n Sign up to our Record Money newsletter and get the top stories sent to your inbox daily from Monday to Friday with a special cost of living edition every Thursday – sign up here<\/a>.<\/p>\n You can also follow us on X (formerly Twitter) @Recordmoney_<\/a> for regular updates throughout the day or get money news alerts on your phone by joining our Daily Record Money WhatsApp community<\/a>.<\/p>\n![\"\"](\"https:\/\/www.newsbeep.com\/uk\/wp-content\/uploads\/2025\/07\/0_DR-MOney.png\")
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