Looking to Retire in 2025? Top 10 New Year’s Resolutions

With the New Year here, there’s no better time than now to set the resolutions that will help you enjoy a rewarding retirement. 

Retirement is a life-changing milestone filled with opportunity, but achieving the retirement you’ve always dreamed of requires careful planning and clear goals.  

So, to help you get started, here’s our Top 10 Resolutions to retire in 2025. 

1. Review Your Retirement Budget 

Take a close look at your future expenses – things like housing, healthcare, travel, and hobbies. Compare this to your expected income from pensions, savings, and investments. This is your chance to ensure everything balances and set yourself up for a comfortable retirement. 

2. Make the Most of Your Pension Contributions 

Take advantage of the 2024/25 tax year to make the most of your pension contributions. Contributions up to the annual allowance can benefit from tax relief, giving your retirement pot a final boost before you retire.  

3. Check Your State Pension Entitlement 

Use the UK government’s State Pension forecast tool to see how much you’ll get. If there are gaps in your National Insurance contributions, you might be able to fill them and increase your payments. 

4. Create a Withdrawal Strategy 

Decide how you’ll access your pension savings. Will you opt for flexible drawdown, an annuity, or a combination of both? When should you take your 25% tax-free lump sum? The right choice depends on your goals and can save you unnecessary taxes. For more information on how both annuity and drawdown work, tap here. 

5. Pay Off Outstanding Debt 

Clear any high-interest debt, like credit cards or loans, before you retire. This will free up more of your retirement income for essentials and leisure, reducing financial stress during retirement. 

6. Review and Update Your Investments 

As retirement nears, consider shifting some investments to lower-risk options. This protects your savings while still allowing for some growth. 

7. Consider Your Housing Plans 

Decide whether you’ll stay in your current home, downsize, or relocate in retirement. If you’re considering selling, start planning now to avoid last-minute stress and take advantage of any financial benefits.  

To learn more, look at one of our previous blogs that covers this in more detail: ‘Downsizing In Retirement: Is it the Right Move For You?’ 

8. Plan for Healthcare Costs 

Don’t forget to include healthcare in your plans. Whether it’s private care, dental expenses, or long-term care, having a budget ready can save stress later. 

9. Get your Estate in Order  

Ensure your Will is up-to-date and reflects your current wishes. Review your estate plan to minimise inheritance tax for your beneficiaries and consider setting up a Lasting Power of Attorney to prepare for any future incapacity. All of which our experts can help you with through our Estate Planning Services. 

10. Set Your Retirement Date 

Retirement often feels like a distant dream – but it may be closer than you think. By setting a clear retirement timeline and deciding when you want to stop working, you may just make your dreams come true sooner.  

When you factor in your retirement readiness and personal goals, a fixed retirement date becomes a clear target to aim for. 

At Joslin Rhodes, we’ve helped people retire years earlier than they thought possible (12 years is our record!), and we can help you too! 

Ready to Get Started? 

The transition to retirement can be smoother if you just take time to prepare. 

And hopefully, with these resolutions, 2025 will be your year. 

However, if you’d like a hand in putting together a retirement financial plan that’s right for you, our local team is always here to help. 

Tap here to contact us today. 

Joslin Rhodes Pension & Retirement Planning – Real Advice, For Real People