Naughty Or Nice? Why You Should Check Your Retirement List Twice…

Planning for retirement is a gift you give your future self, so there’s no better time than Christmas to assess whether your plans are on track.

Are they ‘naughty’ (falling short of your goals)—or ‘nice,’ (setting you up for a secure and fulfilling future?)

In this week’s blog, we’ll help you review your retirement checklist to make sure you’re set up for a happy and stress-free future.

1. Are Your Pensions Sorted?

Your pension, or pensions (if you have more than one), hold the key to the retirement lifestyle you’ve always dreamed of. But when’s the last time you gave them a proper check?

Taking a few minutes to review your pension now can make a huge difference down the line.

To know what you should look for, we suggest starting to ask yourself these questions:

• How much have I saved so far? Having a clear picture of where you’re at is the first step to making sure you’re on track.
• Have I sorted out any old workplace pensions? It’s easy to lose track of pensions from previous jobs. Bringing them all together could make things much simpler. You can find out more about our pension consolidation services.
• When and how can I access my money? Understanding your options is key to making the best decisions when the time comes—and that’s where a Financial Planning expert can help. Whether it’s taking one lump sum, 25% tax-free, or purchasing an annuity, it’s important you make the right pension drawdown choice.

If your pension feels like something you’ve been meaning to sort out, you’re not alone. But taking some time to review it will help make things clearer and you feel more in control.

2. Are Your Savings on Track?

It’s easy for your savings to just sit in your bank account, doing nothing. But they can do more than that. Don’t be shy about making your savings work harder for you.

Here are a couple of things to think about:

• Have you set aside enough for life’s surprises? Unexpected expenses happen, so having a rainy-day fund can give you peace of mind when they do.
• Are your savings working as hard as they could? Making smart investment choices can help your money grow and go further over time. By carefully considering your risk tolerance and long-term goals, you can get your money working for you, which would make for a nice change!

If you’re not quite sure where things stand or feel like your retirement plan could use a bit of tweaking, don’t worry. Now’s the perfect time to take a closer look and make the most of what you’ve saved.

3. Are Your Care Fees Covered?

While it’s not the easiest topic to think about, planning for care fees is something we all need to consider. The cost of long-term care (whether at home or in a care facility) can quickly add up, and without a plan in place, it could mean drawing from savings or selling assets to cover the costs.

Taking some time now to explore your options can make all the difference.

• Do you have a plan to handle potential care needs in the future?
• Have you thought about how to protect what you’ve worked hard to build?

Preparing ahead not only helps safeguard your assets but also ensures that the care you need is available when the time comes, so it’s worthwhile adding to your list of priorities.

It’s not about worrying over the “what-ifs.” It’s about giving yourself and your family peace of mind and avoiding any financial stress later down the line.

4. Are You Minimising Your Taxes?

No one likes to pay more tax than they need to, especially in retirement.

• Are you making the most of tax-free allowances?
• Have you considered how to structure your income efficiently?

A little tax planning can go a long way in keeping more of your hard-earned money where it belongs—with you!

It’s important to ensure your strategy aligns with the latest tax regulations and that you’re using tax-efficient products where possible. This is easier said than done though, so here’s where it can pay to get expert advice. Financial planning professionals like us at Joslin Rhodes can ensure that you’re making the most of every opportunity to minimise tax in retirement.

5. Are You Getting the Most from Your Lifestyle Financial Plan?

Retirement isn’t just about pensions and savings; it’s about ensuring the lifestyle you want is within reach. A Lifestyle Financial Plan considers your personal goals, dreams, and values, helping you achieve everything you envision for retirement – consider it a gift that keeps giving!

Need a Little Help?

If, after reviewing your checklist, you feel things could be more on track, don’t worry… it’s never too late to adjust.

Our local advisers are here to support you with personalised financial plans that give you the confidence to enjoy your retirement your way. Together, we’ll ensure your retirement checklist is a success.

Ready to get started? Call us and book your free, no-obligation meeting or register for one of our popular Pension & Retirement Planning Workshops.

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