--- title: "Funding the lifestyle you want | Pensions Advice UK" url: https://pensionsadviceuk.com/funding-the-lifestyle-you-want/ description: "Get your retirement plans in motion. One of the most common concerns among those approaching retirement is whether they will have enough money to last them." last_updated: 2023-10-19 publisher: "Pensions Advice UK (a trading name of GAP-GNX Ltd)" language: en-GB --- Guide # Funding the lifestyle you want Get your retirement plans in motion Last updated 19 October 2023 **Written October 2023.** Tax allowances, limits and pension rules may have changed since then, so some figures here could be out of date. For current information, see our guide to [getting pension advice](https://pensionsadviceuk.com/pension-advice/). One of the most common concerns among those approaching retirement is whether they will have enough money to last them. A new study[1] shows that only 25% of retirees feel very confident they’ve saved enough for retirement. Rising living costs in the UK, driven by surging food prices and record-high petrol costs, are impacting financial plans for many people. If you’re nearing retirement or have already begun accessing your pension or other retirement savings, you might be concerned about the effect of this cost-of-living crisis on your retirement lifestyle. While the future is uncertain, you can take steps to bolster your confidence in managing your retirement finances: 1. **Diversify Income Sources**: Besides your pension, consider additional income sources like ISAs, investments, and rental income from properties. Don’t forget the State Pension, which, although subject to inflation, can contribute positively to your overall income. 2. **Tax Efficiency**: Be mindful of your tax liability in retirement, especially if you’re receiving income from various sources. The timing and amount you withdraw from your pension can significantly affect your tax bill. 3. **Leverage ISAs for Financial Security**: ISA savings offer tax efficiency, allowing you to grow investments without tax implications. Using your ISA savings wisely can complement your pension income and prevent overpayment of Income Tax. 4. **Stay Informed About Tax Rules**: Tax rules can change, and personal circumstances play a role in your tax treatment. Understand how taxes apply to property, state benefits, and other income sources for financial security. 5. **Monitor Investments for Future Growth**: Regularly review your investment portfolio to align it with your financial goals and risk tolerance. Balance risk and potential growth while considering market volatility and inflation challenges. Remember that pensions are long-term investments typically accessible from age 55 (57 from April 2028 unless protected). Investment values can fluctuate, affecting pension benefits, and interest rates during your benefit withdrawal can also impact your pension income. Tax treatment depends on individual circumstances and is subject to change. This revised content incorporates the title “Funding the Lifestyle You Want” and includes relevant keywords such as “strategies for financial security” to improve SEO while maintaining a clear and informative structure. ### Would you like to speak to an adviser? Tell us what you need help with and we’ll introduce you to an FCA-authorised adviser. It’s free to enquire. [Get started](https://pensionsadviceuk.com/qualified-advice-request/) ### Important information This content is for information only and should not be considered legal, tax or financial advice. Pensions Advice UK is a trading name of GAP-GNX Ltd. We are not authorised by the Financial Conduct Authority and act solely as an introducer. The value of pensions and investments can fall as well as rise, and you may get back less than you put in. Tax rules can change and depend on your circumstances. ## Speak to an FCA-authorised adviser Tell us what you need help with and we’ll introduce you to a qualified specialist. Start your enquiry 020 3778 0939 We’re an introducer, not an adviser. [Call us](tel:+442037780939) [Enquire](https://pensionsadviceuk.com/qualified-advice-request/) --- Pensions Advice UK (a trading name of GAP-GNX Ltd) connects UK residents with FCA-authorised pension advisers and pension tracing services. It is not FCA-authorised and does not give financial or tax advice. It acts solely as an introducer to FCA-authorised firms, who provide any advice and explain any fees before you proceed. This is the text version of https://pensionsadviceuk.com/funding-the-lifestyle-you-want/. More pages: https://pensionsadviceuk.com/llms.txt