A key part of retirement planning is ensuring that you have sufficient retirement income; so if you’re not planning on retiring for some time, it is worth reviewing pension plans as soon as possible to ensure you are in the best position. Quite simply the earlier you begin, the happier your retirement could be!
As retirement day looms, there are a number of things you need to do so it is wise to start planning your final preparations 12 months before ‘D’ day. A word of warning; don’t put it off as it will come around quickly.
Here is a Quick Countdown Timeline
12 Months to Retirement
• Review all your personal finances, savings, mortgage
• Track down your Pension Pots – if you’re not sure where they are, try the free Pension Tracing Service
• Consider what retirement income you will need
• Decide whether you will be fully retiring or taking part time work
• Ask your pension provider(s) what the value of your pension fund is
• Start to shop around and compare annuities, just to give you an idea of what is available. Remember as always that the internet is a valuable resource
• Plan what you will do with your new found freedom!
6 Months to Retirement
• Your pension provider(s) will write to you and give you a valuation of your pension pot including your options. It’s likely to be a comprehensive pack giving you lots of information.
Remember you are under no obligation to take out your pension from this company so should not sign anything until you have done some research and compared their offer with what is available on the open market.
Keep in mind that you are entitled to take up to 25% of your pension pot as a lump sum, to do whatever you wish; take a holiday, pay off debts, make home improvements. It’s entirely up to you.
• Use the Key Retirement Solutions Calculator to see how much income you could get. Their friendly team of experts will be on hand to help talk you through your options, find the best rates and establish whether you qualify for an enhanced annuity.
3 Months to Retirement
• You will probably receive another letter from your existing pension scheme provider detailing your benefits and giving you options
• If you have several pensions, you will need to contact the various pension providers if they haven’t already contacted you. It’s likely that you will get a better pension if you add them altogether so get quotes based on the total amount
• You should also make enquiries about your State Pension. Click here to go to the Government website for more details.
• Visit the Annuity Calculator again to see if annuity rates have changed and discuss your final options with Key Retirement
1 Month to Retirement
• Compare annuity rates for the final time adding any additional options you require and apply for your annuity through Key Retirement.
Retirement planning now completed - have a party and enjoy the rest of your life!
To help you see how much extra retirement income you could get, why not use the quick and easy annuities calculator, then if you want more information, the experts at Key Retirement are on hand to help.