If you just hit 65, you probably have a mix of old habits and new goals. Maybe you’re thinking about cashing in a pension, paying off a mortgage, or simply stretching your savings a bit further. The good news is that the right moves can keep your money working for you without any drama. Below are the core areas to focus on right now.
First up, your pension. Whether it’s a defined benefit plan or a private pension pot, you need to know what you’ll get and when. Most people start pulling money at 65, but the exact amount depends on the scheme and any tax‑free cash you claim. Use the Pension Plans Explained article to compare options, then decide if a lump‑sum or regular monthly payments suit your lifestyle best.
Don’t forget that pension income may be taxable. The Is Pension Income Taxable? guide breaks down the thresholds for 2025, so you can plan a tax‑efficient drawdown. If you have more than one pension, think about consolidating them – it can lower fees and make tracking easier.
Many 65‑year‑olds still own their homes, which means you have equity that can become a financial safety net. Before you jump into a remortgage, check the How Much Equity Do You Need to Remortgage guide. It tells you the loan‑to‑value ratio lenders look for and how to calculate the equity you actually have.
If you need cash but don’t want to move, a home equity loan or HELOC (home equity line of credit) can be a cheaper alternative to a personal loan. The When and How to Pull Equity from Your Home article explains the timing, fees and how to avoid over‑borrowing.
For savers, the Does ISA Still Exist? guide confirms that ISAs are still a top tax‑free vehicle in 2025. Contribute the maximum allowance each year to keep more of your interest out of the tax man’s reach. If you’re not a UK resident, the Can Non‑UK Residents Open an ISA? piece shows the eligibility rules – handy if you’ve moved abroad but still want UK‑based savings.
Small, regular savings still matter. Stashing $20 a week can add up to over $1,000 in a year, especially when you factor in compound interest. The How Much Do You Save Putting $20 a Week Aside for a Year? article gives a quick calculator and a cheat sheet you can print.
Finally, keep an eye on debt. If you’ve taken out a consolidation loan, you might wonder why you got denied. The Can You Be Denied Debt Consolidation? guide lists the common reasons and what to do next, like boosting your credit score or trimming down the loan amount.
In short, at 65 you have plenty of levers to pull – pension timing, smart equity use, tax‑free savings and debt management. Use the linked articles as step‑by‑step checklists, and you’ll feel more in control of your money without any guesswork.
As individuals approach retirement age, understanding the average 401k balance at 65 can provide crucial insights for financial planning. This article explores typical 401k balances for those on the cusp of retirement and offers tips for bolstering retirement savings. By examining current statistics and practical strategies, readers can develop a clearer picture of their retirement readiness. Moreover, the piece sheds light on the importance of reassessing savings goals and making informed decisions to secure a stable financial future. It's a must-read for anyone keen on optimizing their investment approach and preparing for a comfortable retirement.