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Things to consider

There’s a lot to consider when you’re thinking about retirement, and making sure you have enough income is one of them. If you’re not sure that you will, it’s worth taking the time to sit down and work through your options.

It’s worth sitting down and reviewing all your expenses and outgoings.

Are they all necessary, and have you reviewed them recently to see what else is available at a more competitive price, compared to what you’re paying already?

There are many sites now that compare everything from mobile phone tariffs to electricity prices, and shaving money off each month can really start to add up.

For anyone reaching the State Pension age after the 6th April 2016, your State Pension will increase every week you defer, as long as you defer for at least nine weeks. It will increase by the equivalent of 1% for every nine weeks you defer.

There are a number of reasons people continue to work, either full or part time, both for the income and for the satisfaction of contributing or simply to remain active.

Working can help provide extra income whilst you get used to being on a reduced or fixed income and can make the financial transition easier.

There are a raft of benefits and allowances that you may be entitled to – some of which are available to everyone of retirement age. For instance, anyone over 60 is entitled to free prescriptions and eye tests.

In England you can apply for a free older persons bus pass when you’ve reached the State Retirement age (over 60 in Scotland, Wales and Northern Ireland).

And if you were born on or before November 5th 1953, you’ll receive £200 or more towards your winter fuel bills.

Our guide benefits and allowances >


Downsizing is where you buy a less expensive home, where after paying moving costs and stamp duty, there could be money left over. This is yours to use as an when you wish.  But there will be some costs involved.

Find out more about the cost of moving >


Equity release

Equity release products allow you to either borrow against or sell part of your home. The most popular type of equity release is a Lifetime Mortgage, which is a loan secured against your home. In simple terms, they allow you to borrow against the value of your home. And the good news is it’s tax-free and you won’t have to move.

Find out more about Lifetime Mortgages >

Next steps

It’s worth thinking about your plans for the future, and taking time to look at your options in detail. We don’t help customers downsize, or take out buy to let, but we may be able to help in other areas:


Need help?

Making decisions about how to finance your retirement is important so it’s worth making use of the guidance and advice services available.

Retirement guidance

Equity Release Council

Legal & General Home Finance Ltd is a member of the Equity Release Council, a trade body setting standards for providers. Take a look at their consumer brochure for more details.

Contact us about a later life mortgage

To discuss our later life mortgage products, and whether they're right for you. 

Call us on:

0808 115 8129

Monday to Friday 8.30am to 8.00pm
Saturday, 9:00am to 1:00pm
We may record and monitor calls

Get independent advice

You can't take out an equity release product unless you have taken financial advice. Find out how to access independent legal and financial advice.