8 Things to Consider as You Approach Retirement

Amyr Rocha Lima

3 min read

As you approach retirement, it's important to consider all the factors that will affect your lifestyle in retirement.

Relying on the State Pension alone will not give you a comfortable retirement, and it's important to take steps to ensure that you have the income you need to enjoy the lifestyle you want.

So here are eight things to consider as you approach your planned retirement date:

1) Track down your pensions

It is important to keep track of all the different pension schemes you have paid into over the years.

This will ensure that you are claiming everything you are entitled to in retirement.

The UK government offers a pension tracking service to help you find lost pensions.

2) When can you access your pensions?

Since April 2015, pension freedoms have given savers in defined contribution (DC) schemes greater access to their nest egg, allowing them to access their pension funds from age 55.

It is important to note that not all pension schemes will have the same access rules, so it is essential to check with your provider.

3) Review your pension schemes

Once you have tracked down all your pension schemes, it is important to review the amount you have saved, the charges you are paying and the performance of the funds you are invested in.

A professional financial planner can help you understand your options and make the best decisions for your retirement.

4) Get a State Pension forecast

You can call the Future Pension Centre and ask for a State Pension statement.

Your statement will tell you how much State Pension you have built up so far based on the National Insurance contributions and credits that are on your National Insurance record.

5) Getting investment advice

As you approach retirement, it is important to reevaluate your lifestyle plans. If you have access to other savings and investments, you might want to consider using these before accessing your pension.

Again, a professional financial planner can help you understand the best options for your specific situation.

6) How will you access your pension?

There are more pension options than ever thanks to the pension freedoms that allow savers access to every penny of their retirement savings.

It is essential to understand your options and choose the one that best suits your needs.

7) Budget for your future

Your life will be different once you retire, so it is important to budget for the future lifestyle you want. Obtaining a copy of your credit report is a good start as it will help you understand your standing and any joint lending you might be liable for.

8) The benefits of professional advice

Obtaining professional financial planning advice is important because pension products can be complicated, and life can be unpredictable.

A professional financial planner can help you make the right decisions about your money and your future.

Final Thoughts

Retirement planning is essential to ensure that you have the financial means to enjoy the lifestyle you want.

By tracking down all your pension schemes, reviewing your savings, getting a State Pension forecast, and seeking investment advice, you can make informed decisions about your retirement.

A professional financial planner can help you understand your options and make the best decisions for your future.

Don't wait until it's too late, start planning for a comfortable retirement today.

For a more detailed discussion on this topic, please feel free to contact us. Our team are always available to answer your questions and to help you with any of your financial planning needs. Here’s what we offer: A cup of coffee… and a second opinion.

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