Retirement offers the gift of time to do what matters most to you. Whether that’s looking to continue to work in one capacity or another, embark on a new project or business venture, or stop work entirely. The reality is that retirement means different things to different people and no matter what your goals and aspirations might be, it is critical to have a plan in place to ensure you have a happy, financially secure, and stress-free future. Here are our top ten tips for a happy retirement.

  1. Look at Your Spending Habits

Look at your spending habits now and analyse whether you can make some cuts in certain areas. This could mean saving more money each month towards your pension so you have a larger pension pot for retirement.

  1. Check Benefit Statements

If you receive annual benefit statements, then it’s worth looking at them to see if you have a pension scheme with more than one employer.

  1. Consider Financial Milestones

If you are looking to increase your pension contributions, then you might benefit from creating financial milestones. When you reach them, you can increase contributions and look at the investments you can make.

  1. Review Your Pension Plan

If you contribute more towards your pension, does your employer match your contributions? By reviewing your pension plan, you will be able to understand your current standing and determine whether your employer can help you even further.

  1. Find Old Pension Schemes

You can locate old pension schemes using the finder service from the government uk/find-pension-contact-details. This will help you determine whether you can consolidate your pensions or transfer your pensions elsewhere.

  1. Expression of Wish

You should make sure that this is up-to-date as this will ensure that it is clear who will receive any of your death benefits when you pass away.

  1. State Pension Entitlement

It’s important to check your State Pension entitlement. To receive a full state pension when you reach state pension age, you must have paid or been credited with 35 qualifying years of National Insurance Contributions. Visit the Government Pension Service  to learn more.

  1. Consider Your Pensions, Savings and Investments

Calculate how much savings and investments you have for retirement. In addition to your savings and investments, we suggest looking into your pension as it is a great, tax-efficient way of saving money for your retirement.

  1. Boost Your Pension if You’re Close to Retirement

If you are close to retirement but you have realised that the amount you will retire on is lower than you expected, then now is the time to boost your pension.

  1. Evaluate When to Start Taking Your Pension

You should look to set a date for when you plan to begin taking income from your pension. However, it is important to remember that you don’t have to finish working in order to take income from your pension. You must be at least 55 to do this although if you are in poor health, then it might be possible to draw income from your pension earlier.

Need help?

Selling yourself short during retirement will leave you wishing you had made the right choices while you were at the right age. We always recommend you work with a qualified financial adviser to help you create the right retirement plan based on your individual needs and circumstances so you don’t run into any surprises upon retirement.

Book your FREE, initial consultation today to learn more how our financial advisers can help you plan for retirement: Contact Us

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