Retirement Planning is More Than Just a Pension Matter

Retirement planning and pensions

If you’re planning for retirement soon, you'll be thinking of your pensions and finances. However, it is equally important to consider how you are going to make certain adjustments to your lifestyle and relationships when you retire from work.

Here are some useful retirement planning tips to consider.

• Changes to your lifestyle
  
  It can be a challenging and stressful event going into a new phase in your life. Whilst you are likely to enjoy the freedom to develop new interests when you retire, you may also be likely to feel lonely, isolated and bored at times. You will need to plan on how to keep yourself busy during your retirement.


• Your roles and relationships
  
  When you retire you no longer have a paid employment. This change may affect the way you feel or are viewed by others. Paid employment is considered to give you status, income and purpose, as well as having friends to share your happiness and concerns.

  These changes can be positive and give you the opportunity to learn new skills, or negative and can be stressful, confusing and frustrating.

  “When a man retires, his wife gets twice the husband but only half the income."  ~Chi Chi Rodriguez

   

  “A retired husband is often a wife's full-time job."  ~Ella Harris

  You’ll get to know your spouse or partner better as you’ll be spending more time with them.

• Financial planning for retirement

  Retirement planning is necessary because there are several financial questions you should be asking yourself at this stage:

  - Will you have adequate pension to support your new lifestyle?
  
  - If you have an occupational pension, are there penalties if you decide to retire early? What tax-free lump sum are you allowed to take and what is your estimated pension after taking the tax-free lump sum?
  
  - What is your projected state pension including the State second pension? The retirement age rules have changed, so use the State Pension retirement calculator to find out when can retire and receive a state pension.
  
  - If you have a private pension, is your retirement investing strategy working? Get an update on the valuation of the fund and a projection of its value at your chosen retirement date. Use this retirement calculator to check the estimated value of your pension fund.

  As part of the retirement planning process you should review your retirement investing strategies with your financial advisor. You want to see if you need to take any action to ensure that your retirement savings are on track to provide you with your required pension.

• How to enjoy your new-found freedom and leisure time
  
  Adjusting to your retirement takes time. You may want to try out various activities on a trial and error basis until you find the right combination to suit your lifestyle.

  Your retirement planning should include:
  - visiting friends and relatives
  - exploring parts of the country you’ve not been before
  - visiting museums and art galleries, theatres and cinemas
  - go shopping
  - enjoying free TV shows
  - working out in the gym, and lots of other activities.
  

  Why not make full use of your Freedom Pass (if you’re in London) or your Bus Pass if you are elsewhere in the UK. It makes travelling more enjoyable when it’s free.

• Do a self-improvement course
  
  Do you fancy learning a new language or being a master chef? How about learning to use the email or surf the net more confidently? Click here to find out more



Self Improvement: The Top 101 Experts

This EBook Is Best Described As An Encyclopaedia Of Self Improvement With Information On 101 Of The Top Experts In The Industry.

• Develop hobbies and interests
  
  Do you enjoy collecting coins or stamps as a hobby? You can turn these into a business and sell them on eBay.

  If you enjoy walking in the countryside or travelling to exotic places, then you should find a friend or a partner who shares your interests to accompany you on these trips. There are many organizations who are looking for people to walk in charity events



• Doing voluntary work for your local community
  
  Voluntary work can be a satisfying way of using your skills and expertise for the benefit of others. The Retired and Senior Volunteering Programme website has more information.

Return to Home Page

Stakeholder pensions are money purchase personal pensions.
Stakeholder pensions can be used to boost your retirement income.

Retirement income - 10 ways to boost your pension.
Boost your retirement income to ensure that you enjoy a happy and comfortable retirement.

Retirement plans are put on hold in order to help their children.
Retirement plans are designed to ensure you've sufficient retirement income to enjoy your final years. Sometimes you may need to finacially support your adult children in their time of need.

Planning for retirement to secure a comfortable lifestyle in later years.
Planning for retirement is an ongoing process - the earlier you save, the bigger your retirement fund when you retirement.

Retirement savings - take steps to avoid hardship during your retirement. .
Retirement savings can run out as people are living longer than ever before. You can take steps to secure your financial wellbeing in the final phase of your life.

Tax on pensions - Do you have to pay tax on your retirement income? .
Your tax on pensions and other retirement income will depend on the level of your taxable income and how much they exceed your personal allowance.

Pension Lump Sum - The Advantages and Disadvantages of Taking Tax-free Lump Sum.
Pension lump sum - talk to your independent financial adviser first before opting for a tax-free lump sum.

Pension annuity - considerations when buying a pension annuity.
Pension annuity - buying the right pension annuity in the open market can boost your retirement income by up to 25%.

Investing For Retirement - 5 Best Ways to Invest.
Investing for retirement - take advantage of tax incentives and employer contributions to grow your retirement savings.

Saving for retirement will ensure a comfortable lifestyle when you retire.
Saving for retirement should start as soon as possible to build up a healthy pension fund.

A financial advisor gives investment advice to meet your financial goals.
The role of a financial advisor - how to choose a financial advisor and remunerate for their services.

State Pension - Will You Have Enough Income In Retirement?
State pension - seek financial advice on how you can boost your income in retirement.

Final salary company pensions are no longer affordable.
Do you need to top up your company pensions to provide a comfortable living in retirement

State pension deferral - Can you afford to delay receiving State Pension?
State pension deferral is an option to delay receiving State Pension for cash lump sum and higher pension later.

Pensions for Women in the UK may be linked to her husband's NI contributions.
Pensions for women tend to be lower than men. Time taken off work to look after children and family may affect the number of qualifying years needed to claim the Basic State Pension.

Pensions for many expatriates may not increase with inflation.
Retirement pensions may freeze for expatriates living in countries without a reciprocal arrangement.

Latest retirement planning news available on the internet.
Read the latest retirement planning news as they arrive on the internet.

Buy annuities with guaranteed minimum period of payment.
Buy annuities - shopping around in the open market for the best annuity rates can boost your retirement income by up to 25%.

401k Plan - start early to maximise retirement income. 401k plan - start early and enjoy the effects of compound interest on your 401k retirement plan

Retirement nest egg building - factor in unforseen circumstances.
Build your retirement nest egg to twenty times your final salary to give you a comfortable life in retirement.

Budget planning - Can you afford to live on your retirement income? Budget planning helps to adjust your lifestyle according to your pension income.