Whatever you are looking forward to, a financial plan can help you achieve your goals

How you choose to spend your later years is up to you. You might want to travel the world, take up new hobbies or simply enjoy some well-earned comfort and financial security. Whatever you are hoping for, a financial plan is one of the best ways to make it happen.

We’ve brought together information on 


Understanding your options is a vital part of your long-term financial planning.


If you are a homeowner, find out if you can use your home for financial support in later life.


Reviewing your investments may help you boost your later life potential income.

Your legacy

It’s never too early to think about how you can continue to support your loved ones after you die.

Make a plan that’s right for you

  • A plan for your property

    Could your home give you a source of income?

    If you own your home, it could be your biggest asset. If you do, you have the option of using your home as a potential source of income in your later life. There are several ways you can use your home for your financial benefit, but it is important to consider your options carefully.

    Releasing equity from your home

    If you are a homeowner, one option is equity release. This is when you borrow money against the value of your property. The amount you borrow, plus interest, is repaid when you die, which can reduce the value of your estate.                                                       

    Understanding equity release

    Move somewhere smaller                                                            If the time is right, ‘downsizing’ your home may be an option. It could help free up money to use as income in your later years. It can also be a good way to simplify your life and may reduce your household costs.                                                                                                                   

    Selling your home

    Buying a second home               

    If you have the money, buying a second home could provide a holiday home for you and your family. It could also provide extra income if you are able to rent it out.                                                                                                                                                                                                                                       

    Buy to let mortgages

    Things to think about if moving is part of your plan

    If selling your home is part of your plan, you should check that it makes financial sense. Consider how much your home is worth, how well the housing market is performing and if your home is ready to be sold.

    More importantly, you need to be sure that a move will be right for you. Think about how you want to live your life in your later years. 

    • Factor in all the costs - Moving house can be expensive. According to Which, the average house move in the UK costs around £14,000. Consider the bigger financial picture before making a decision. Also include the difference in costs of living in your new property.
    • Move for the right reasons - Money shouldn’t be the sole reason to consider moving house. Think about things like location, your social circle, amenities and your family connections. Think about whether your new home will fit with your lifestyle.
    • Think about the future - It may be the last time that you move house. It would make sense to choose a place where you’ll be happy for many years to come. After all, some homes are more practical than others in later life.
  • A plan for your investments

    You may think that investing for your future is complicated. We have lots of useful information and helpful guides on what investments are available and how to manage them.

    Understanding investing

    Keep reviewing your investments

    When you get closer to your retirement, you might want to think about any investments you hold. Consider whether they are still right for your later life goals. Some people choose to reduce the amount of risk they have so it’s worth understanding the different investments available.

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    Have you though about a SIPP?

    If you are a confident investor, you may choose to invest in a Self-Invested Personal Pension (SIPP). SIPPs give you control over where you or your advisor invest your money. It also gives you the same tax benefits of a standard pension, depending on your circumstances.

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    Please remember, the value of an investment and the income from it can go down as well as up and you may get back less than you invested. We don't provide advice, so if you are in any doubt about making your own investment decisions we recommend you seek advice from a suitably qualified financial adviser. There will normally be a charge for that advice.

  • A plan for your money

    Make a financial plan that survives you

    For a complete later life financial plan, there are few things you may want to think about. Think about later life care and what will happen to your estate when you die. While you may be fighting fit now, it will give you peace of mind to know that you have a plan and that your wishes will be taken care of.

    Have an up-to-date Will 

    One of the most important things you can do, is to have an up-to-date Will. This will make sure that your wishes are carried out after you die. It’s also good to check your Will regularly as your priorities can change over time.                                                                                                                                                                                   

    Making a will

    Power of attorney

    It may be worth thinking about putting a Power of attorney in place. This is a legal process that allows you to appoint someone you trust to make decisions on your behalf, if you can't do so yourself.                                                                                                                                                                                                                                                   

    Learn about Power of attorney


    If you have a pension or life insurance policy, you may be able to name someone to benefit after your die. Check with your pension provider or policy provider and make sure your beneficiary information is kept up-to-date. It’s also important to make sure your loved ones know that you have this in place.

    Life insurance

    Make a plan for your personal estate

    You may want to leave as much as you can for your family after you die. If you do, you need to make a plan so that this can happen. Here are some of the things you may want to think about.

    Two men sat on sofa talking in home

    Who will inherit your home?

    Most people pass their home on to their family when they die. If you want to do this, there are few things to think about. For instance, if your estate exceeds the Inheritance Tax allowances, a gift of your home to your children could secure an extra tax-free allowance of £175,000. Tax can be a complex topic, so it may be worth seeking additional financial advice. There is more information available to help you on the government website.

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    Who will inherit your pension?

    Your remaining pension savings could be passed on to your family or friends. To do this you need to nominate a pension beneficiary and let your pension provider know who they are. You can find out more from the pension experts at Scottish Widows.


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    Later life care and funeral planning

    Later life care can be expensive, so it’s worth understanding what options would be available to you. Discuss this with your family and make a plan that would ensure you get the care that you may need. 

    Another thing to think about is a funeral plan. This will take the responsibility off your loved ones after you die. It will also guarantee you get the type of funeral you want.

    With a funeral plan, you can pay in advance for most of your funeral, at today’s prices. You can buy a plan from a funeral directors or funeral plan provider and the money you set aside in it can only be used for funeral costs. Once you have decided what you want your plan to include, you can pay for it in a lump sum or monthly instalments.


    Estate administration services

    If Lloyds Bank is the named executor in the Will or if you need support to deal with an estate and would like to find out more about our services, then please call us on 0800 096 8560 (or +44 (0) 1733 286 482 if calling from abroad). Lines are open Monday to Friday, 9am – 5pm. Calls may be monitored or recorded.

    Our initial support and guidance is fee free and without obligation. If you think the service is right for you, we will explain our fees and charges to act as Executor or Administrator in an Estate. Fees and charges for our services are charged to the Estate.​                                                                      

    Help with Estate Administration

A plan for your pension

Understanding your pension options

When you turn 55 years old (57 from 2028), you can start to access your pension. You can take a guaranteed income for life (an annuity), flexibly drawdown, take a lump sum or simply choose to leave things as they are. 

You are not limited to just one of these options. You can choose to make plan that combines two or more options. For example, you can take a lump sum (up to 25% tax free) along with an annuity or flexible drawdown and leave the rest invested. 

Even if you have an idea as to what you want to do, it may be a good idea to seek advice before your decide, but you may be charged for this.

Understanding pensions

Transferring to consolidate your pensions

You may have more than one pension. If you do, you can leave them as they are, or consolidate them into one pot. Putting them together could simplify things when starting to plan for retirement and save you money on charges. However, transferring may not be right for everyone, so look at your options carefully.

Transferring pensions

Pension tools and insight

Pensions can be tricky, so we have put together tools and resources to help you. There are also some FAQs that may answer your questions, as you look at your options.

Frequently asked questions

Find lost pensions

You can get help to find any lost pensions through the government website. You can also see when you are able to claim your State Pension and how much you could be entitled to.

More support

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Money management

Tools, tips and advice on managing your money.

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Life events

We are by your side through life’s key moments.

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