Financial planning for retirement
Retirement planning is about having the finances in place to fund your life when you no longer work. It’s about considering how you would like to spend your retirement years, understanding your financial situation and putting a plan in place that will help you achieve those retirement goals.
It helps to start planning for retirement as early as possible; clearing debts, having a savings plan in place and maximising your pension options. However, the closer you get to retirement, the more important planning becomes.
Having a retirement planning checklist in place can help you focus on what needs to be done and when. A retirement plan will also force you to consider whether you need to make any lifestyle changes ahead of your retirement, to ensure you have sufficient income when the time comes.
Retirement planning checklist – 8 top tips:
- Monitor your current income and expenditure
- Look at your retirement goals and how much money you will need
- Consider whether changes can be made to reduce outgoings
- Work out your likely retirement income – pension pots, savings and investments
- Explore ways to boost your retirement income
- Consider when you would like to retire – do you want to retire fully or gradually
- Look at tax implications
- Consider getting retirement planning advice
Our retirement planning guides and retirement calculators will help you understand what you need to consider and where to go for advice. Whether you want to calculate your retirement income, trace your pensions, compare annuities, or consider whether equity release is a good idea , we can help.
And in addition to our useful information, comparisons and retirement calculators, we explain your options when it comes to seeking retirement planning advice.
But don’t forget, retirement planning isn’t just about retirement income. It’s also about having the right protection in place for those you love and considering what will happen to them when you’re no longer around. From health insurance to life insurance, funeral plans to direct cremation, Over50choices can help with your retirement planning needs.