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18 May

Your individual retirement planning journey

As much as the idea of 'hanging up our boots' and embarking on our golden years sounds stress-free and relaxing, the reality is that for many, the process can often feel like anything but. 

The past year of lockdown restrictions and travel regulations has caused many to re-evaluate where they are, and where they would like to be. And perhaps, like many others, you are keen to start exploring your options and looking more realisitcally towards that next chapter of your life. To help, we have created a basic checklist detailing some of the factors that you may wish to consider when beginning your retirement planning journey.

  • Work out what you will need for retirement:It is useful to think about the lifestyle you want to lead in retirement and your living costs and other potential expenses. This can help you gain an idea of the kind of income you may need during retirement and if it is plausible. You can do so by using our budget planner

  • Get your State Pension Forecast: By doing so you could find out how much State Pension you could get, when you can get it and how to increase it if you can. You can get your projection online https://www.gov.uk/check-state-pension

    Review your savings, investments and debt: Adding up your savings and any investments and subtracting any outstanding debt can help to give you a clear and holistic overview of your financial situation for retirement.

    Of course it goes without saying that this list does not cover everything and there are many other considerations to factor in before embarking on that next stage of your life. If you have further questions or would like to speak to your dedicated advisor further about your individual retirement planning journey, please contact your advisor direct, or alternatively email our team at info@damgoodpensions.com

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Key points from the budget announcement 2021