Retirement planning

‘Will I have enough to live on when I retire?’ This is a concern for many when thinking about their retirement. This could be the year you recalibrate the way you live and work. Qualified, independent retirement planning advice can help – so you really can make them golden years.

How much you might need to live on though depends on what you want your retirement to be like and how much time you have before you reach the age at which you plan to retire.

As well as the state pension age increasing, we’re also living longer – and we won’t be able to work forever. Whether you want a life of travel and leisure, or simply to ensure your money won’t run out, you need a plan.

We have created a retirement plan checklist to help you start thinking about a time when your job isn’t central to your life:

Date plan

When do you want to retire? Consider the rising retirement age, pension freedoms, and how much you can save over the time period.

Evaluate the here and now

How much time do you have before you plan to retire? Look at your current income and financial commitments and consider how you will continue to fund your life as time goes on: you might need to get used to a different pattern of income as well as a different amount.

How much might you have?

Get an estimate of how much you might have saved for your retirement. Look at all your pension savings (both workplace and personal, including any final salary schemes) and get a state pension statement from the gov.uk website too.

Know your options

Pension freedoms can be a double-edged sword, creating more confusion and indecision. Before you access your pension savings we would suggest that you take advice from a qualified Financial Planner.

Where do you want to be?

Where do you plan to live and will your home play a part in shaping your future?

Your future lifestyle

Work out what your costs might be in retirement and consider your living costs as well as how much extra you might like to spend on yourself.

Update your Will

Or make one if you don’t already have one. Lives change as we age and it’s important to keep your Will up to date so it reflects your current life.