Retirement Planning: A Checklist

Retirement should be a time of relaxation and happiness after years spent on families and careers. Whether you want to travel, settle down or embark on a new endeavour, planning is essential to a successful retirement. We have put together a checklist of things to make sure you are prepared no matter what comes your way.


Calculate your retirement income

This may not be completely spot on; however, you should be able to work out to a reasonably accurate degree how much money you will have coming in for your retirement. It is wise to do this two years before you retire at the very least. You can do this by:

  • Getting your State Pension statement off the UK website*
  • Checking the yearly statements from your existing pension plans, defined benefit and defined contribution
  • Adding up your savings and investments
  • Tracking down any lost pensions you may have


Don’t take unnecessary investment risks with you pension savings

Your defined contribution pension is likely to be invested in various funds. As retirement approaches, it can be a good idea to move your savings to lower risk investments. If you are unsure about it, it is a good idea to consult a financial adviser.


Try to boost your pension

There are two main ways to do this:

  • Pay more into it than you have previously
  • Push back the date that you start taking money out of it

Not only will you have more to retire on but having a shorter retirement is more cost effective.


Come up with a budget

Your income and costs will change from when you retire. Expenses such as travel for work will reduce but your income will likely be less and other expenses such as healthcare may increase. Here are two sensible steps to take:

  • Assess where your income comes from and how you spend it now
  • Consider the changes you might need to make to live comfortably in the years ahead


Clear your debts as much as you can

Starting your retirement free of debt is a good idea as fixed repayments may take up a larger portion of your income if it decreases. There are several ways to do this but if you are in any doubt, consult your financial adviser.


Seek professional advice

Above all, you want to feel secure in your retirement. Consulting a chartered financial adviser will not only lay out your options clearly, but also help you choose which of those options is right for you personally.


If you want help with your will or anything to do with retirement get in touch with us today at or call 01992 500 261 now and see how we can help address your financial future.

This article is for information only and must not be considered as financial advice. We always recommend that you seek independent financial advice before making any financial decisions. Investments can go down as well as up and you may get back less than you invested. 

*Please be advised by clicking this link you are leaving the gpfm financial planners page.

About gpfm    

gpfm are an independent financial planning company dedicated to the provision of personal, professional and objective-driven advice for our clients. We have been awarded the Chartered Financial Planners title by the Chartered Insurance Institute for offering high quality, independent and informed advice that meets the needs of our clients.