Retirement can be an exciting time as you finally get to stop work and make the most of the money that you have been saving during your working life.
Choosing when to retire is an important decision. There is no longer a fixed age when you have to retire, but when you choose to retire will have an impact on the benefits you receive.
Remember, there is a limit to the amount you can save tax efficiently in your pension scheme and this is called the Lifetime Allowance (LTA). See the tax limits page for more information.