6 Top Tips For Planning Your Retirement

AD| Retirement needs just as much planning as any other up and coming event or period in your life. The younger generation often tends to turn a blind eye to retirement. It is either too far on the horizon to be taken seriously or it is a vision they would rather not contemplate. If the push-button 21st century is all about living in the now, it only follows that if we want to create a great retirement, we have to start thinking about it…now.

So here are some top tips for getting on track for making your later years the best years of your life.

Visualise your retirement
Visualise what your ideal retirement would look like. What dreams will you have on your bucket list? Who will be around you? What will your living surroundings be like? Of course, nobody knows what the exact future may hold for us but think about what family and friends you would want to be close to, which creature comforts are essential, all those places you would like to explore and how much time you would need for those favourite hobbies.

Keep healthy
There is no escaping from the fact that in the autumn of our lives we are not going to be as healthy as in our youth. But medical science advances every day. As lifespans increase, new medicines and therapies are found to deal with everyday ailments and illnesses making retirement more and more like a pain free zone. Give your body something back every day by taking part in sports or just simple keep fit and then, even in your 60’s, it could be ready to spring into action in order to make your dreams a reality.

Prepare financially throughout your life
You are going to need money to finance your dreams. When you first start working you may be opted-in to the company pension. This is good as your employer will contribute a percentage towards it as well. Get an idea of what the pay-out from the pension will be. It could be in the future you may want to contemplate starting a private pension, starting your own little savings pot or upping contributions to your work pension. Monitor your pension savings – don’t forget them!

Monitor your State Pension
Keep up to date with State Pension pay-out and any changes to governmental policy. The latter is constantly changing. For instance, as well as aligning male and female retirement ages, the government is also constantly putting back the retirement age. Changes such as this are likely to have a real effect on your plans. Also, you may not receive the maximum pay-out if you do not make sure you have made maximum contributions all through your working life. You can check what your State Pension will look like on the government website.

Pension freedoms
You may not receive your State Pension until the official retirement age but you can in fact retire at any age. Even more reason to prepare appropriately. The new pension freedoms allow you to draw on some work and private pensions from the age of 55. This could offer a new form of income when money may be a little tight in your later years. But you need to be very careful that you have enough money to last for your whole retirement.

Access professional financial advice
Throughout your life – and especially if you are going to consider the pension freedoms route – you are likely to need expert and professional guidance to ensure your money is invested in the most beneficial way. Regulated financial advisors are authorised by the financial conduct authority and will give you independent guidance in terms of your specific needs.

Before looking at options for your pension, consider using a regulated financial adviser like Portafina or, view the guidance info at Pension Wise.

Have you got a pension set up for the future?

You May Also Like