Retirement piggy bank









Are you thinking about retiring but aren’t sure where to begin with your plans? This checklist offers some tips on what things you should consider before taking the plunge to retirement.

  1. Get a valuation of your State pension entitlements. You can do this online at
  2. Consider if you can afford to retire. To do this you will need to calculate the approximate income from all pensions and investments and then calculate your living costs and expenditure to set the budget you will need.
  3. Do you have any dreams or goals for retirement? Were you thinking about that holiday home in Spain? Did you want to take on that gardening project? Is spending more time with your family at the top of your list? Whatever you want to do, you will need to incorporate it into your retirement plans.
  4. Set a possible date in mind for you retirement and plan towards that date. Discuss your plans with your family and employer.
  5. Consider moving your pension funds into less volatile investments as you approach your retirement date. If your pension fund is invested in stocks and shares, stock market falls weeks or days before your retirement date could significantly reduce the fund available to provide income.
  6. Will you need a lump sum from your pension plan? You may be able to take a tax free lump sum from your pension fund, however, remember that by doing so you are reducing the amount available to provide you with an income in retirement.
  7. Providing an income in retirement doesn’t have to come from pension plans. Consider rearranging other investments you may have such as shares, cash held on deposit, savings or even property to help provide you with an income.
  8. If you have health issues or are a smoker, your level of pension income could differ. Let your financial planner have details of any health issues.
  9. Understand which retirement income option is best for you! We’ll help you shop around to find the most competitive provider. You don’t have to take an income from your current provider.
  10. Finally, enjoy it! You’ve worked hard your whole life so now is the time to do the things you always dreamed of.

We always recommend seeking the help of a professional when planning for your retirement. Why not get in touch to see what advice we have to offer?