In this Deep Dive episode, Tom Selby and Tom Sieber explore what retirement really looks like in 2026 — from phased retirement and flexible working, to drawdown, annuities, tax changes and the risks that could derail your plans. They also hear from a financial adviser on managing money in retirement, and from AJ Bell’s very own Rachel Vahey on inheritance tax and what the latest changes could mean for families.

02:24 Tom Selby and Tom Sieber discuss how retirement is changing, why it no longer has to mean stopping work completely, and what earning part-time or freelance income could mean for your pension planning.

06:34 They break down the main ways to access your pension, including drawdown and annuities, and ask whether the best approach for many retirees might be a mix of both.

10:33 The pair look at the key retirement dates and milestones people need to know, including changes to the Normal Minimum Pension Age and how the State Pension fits into the wider retirement income picture.

24:25 Tom Selby speaks to Rick Gosling, a financial adviser at Five Wealth, about how retirees can manage their money sustainably and avoid common financial pitfalls later in life.

46:42 Tom Sieber catches up with Rachel Vahey, AJ Bell’s head of public policy, to discuss what the inheritance tax changes could mean in practice — and what people can do if they think they may be affected.

01:08:19 Both Toms wrap up with the big takeaways from the episode, including the importance of flexibility, planning ahead and making your retirement savings work for the long term.