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Guide to Retirement Planning

What types of things do I need to plan for my retirement?

Retirement planning is
an ongoing process, you can add things to your retirement plan every
time you review it.

Retirement planning can seem daunting because it affects every aspect of your life.

However, if you take each aspect individually and focus on the things which are important to you at the moment, retirement planning and research becomes easier to manage over time.

The table below outlines some of the key areas to think about in relation to retirement planning:

Think about your.... How will this affect your retirement....? What can I do about it now?
Health and lifestyle The health and lifestyle choices you make when you are young can positively or negatively influence your health and well being in retirement. Is it important to you to have a long and healthy retirement? Will you have grandchildren or family you want to be around for? Do you want to pursue active sports and hobbies? Making lifestyle choices such as a healthy diet, regular exercise and giving up smoking can significantly improve your chances of a long, healthy and active retirement.
Work, skills and career At retirement do you want to have reached your maximum earning potential and/or fulfilled your career ambitions? Will your current job and skills enable you to reach these goals? Retraining, taking on a course, going back to college, volunteering, alternative work experience can change the direction of your working life.
Home and community Where do you want to live when you retire? In your own home? In sheltered accommodation? With family? Do you want to retire overseas? What sort of community, i.e. people and activities will you want around you? Think about your longer term accommodation and community needs, identify potential locations in advance and research them. Does the area you live in now offer the community and facilities you want in retirement?
Money What income will I have when I retire?
What existing pensions do I have?
What if I'm not able, or don't want to work beyond retirement age?
What will my intended retirement lifestyle cost me?
Put in place a retirement budget and funding plan such as:

  • Pension
  • Tax efficient savings schemes (i.e. ISAs)
  • Property investments (Buy to let etc)
  • Investing in collectables/jewellery etc.
Setting up one, or a combination, of the above long term investments now will significantly improve your income options at retirement.
Care Do you need full or part time care now which will need to continue into your retirement?
What if you need care during your retirement but family and friends are no longer with you?
Research different care options in advance such as:
  • Staying at home - what support is available?
  • Sheltered housing
  • Residential or nursing care homes
Add the potential costs of your chosen care option(s) into your retirement funding plan.

PDF Guide Download the Retirement Planning PDF Guide here - see our other free PDF guides here

Guide Contents

What is retirement planning?
Why do I need to think about retirement?
What types of things do I need to plan for my retirement?
Who can help me with my retirement plan?
FAQs
Where can I go to get more help?

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