Forward planning is essential if you want a happy and fulfilling retirement.
Here are some key questions to consider so you can plan ahead in good time and get the retirement you deserve.
Retirement income
How much income do I need in retirement?
You want enough income to cover your regular living costs and have enough left over to let you enjoy your life.
Prepare yourself by making a budget for essential and discretionary spending, so you have a good idea of how much you want and need to be earning in later life.
What is my likely retirement income at present?
You’ll receive statements every year telling you how much income you’re likely to receive from your workplace and personal pensions.
You should also consider any income you may receive from any savings and investments you may have, such as money in ISAs and equity from your property.
What you want from retirement
Do you have a specific retirement date in mind?
If you have a set date when you wish to retire, you should plan your pension with that in mind.
Use our Pension Calculator to see if you’re on track for your planned retirement date.
What are your future lifestyle and income needs?
Retirement completely changes your spending habits and priorities.
Think about what you want to spend your money on in retirement, so you can be confident you have enough to comfortably cover these costs.
Where will you live in retirement?
Your property might be too big for your needs in later life, and downsizing could free up cash to help you pay for your retirement.
Do your investments reflect your goals?
If you’re relying on your investments to fund your retirement, it might be worth exploring safe, steady options rather than high-risk, volatile products, perhaps with the help of a professional financial planner.
Find out more about how to change your investments here.
Maximising your income
Do I know where all my old pensions are?
As you go through life, it’s easy to pick up and lose track of old pensions.
You can track, trace and transfer old pots, and see how they’re doing on one dashboard, via the Creative Pension Trust Member Portal.
The state and me
How much will I get from the state pension?
Make sure you know how much your state pension will be worth and, of course, the age at which you can claim it.
Am I eligible for any support?
Find out what support from the state you may be entitled to in later life. This can include:
According to Age UK, about £2.4 billion of Pension Credit and Housing Benefit goes unclaimed every year, so it’s well worth finding out what you’re eligible for.
Take charge of your retirement planning with the Creative Pension Trust Member Portal.
Retirement Planning Checklist
What questions do you need answering to help you plan for retirement?
How much income do I need in retirement?
Find out how to work out what you need to save here.
What is my likely retirement income at present?
Make sure you know what you’re on course to receive here.
Do you have a specific retirement date in mind?
If you know when you want to retire, use our Pension Calculator to see if you’re on track.
What are your future lifestyle and income needs?
Think about what you want to spend your money on in retirement.
Where will you live in retirement?
You might be able to free up cash by moving to a smaller property or retirement village.
Do your investments reflect your goals?
You need to rely on safe, steady investment options if you’re depending on them to fund your retirement. Learn more here.
Do I know where all my old pensions are?
Track, trace and transfer old pots, and view them in one place via the Creative Pension Trust Member Portal. Find out more here.
Do I need other ways to generate income?
Decide if you need to supplement your pension income, perhaps by working part-time.
How much debt do I have?
Take charge of your debt and pay them down before retirement.
How much will I get from the state pension?
Find out how much the state pension is worth and when you can start receiving it.
Am I eligible for any support?
Billions of pounds of state support such as Pension Credit and Housing Benefit goes unclaimed every year, so find out what help you’re entitled to during retirement.
