10 Things to do before you retire

Before you retire, you need to spend some time planning and thinking about retirement. Inevitably, there will be things you need to do to prepare for your retirement. Some of these you may have already considered, others you may not yet have thought of. Either way, let us share with you our ‘handy pre-retirement checklist’ or ‘top 10 things to do before you retire’, so that you can see just how much thinking you have left to do before clocking out of work for the very last time

1. Get out of debt.

It makes sense that this should be your first priority, and well in advance of retirement too so that you have time to clear those debts and still save a substantial sum to retire on. Even small debts may have a larger effect than you think on your future retirement age. 

2. Save, save, save.

Utilise every available resource to save as much as possible. Don’t forget that your workplace pension is a great way to save now that your employer has to contribute. You can save, while your employer pays in too - it’s a ‘win win’ situation. Consult a financial advisor to ensure you’re saving and investing in advance of your retirement as wisely as possible.

3. Find your old pension pots.

Look back over your employment history - have you any old workplace pensions you may have forgotten about? Now is the time to track them all down. There are a few apps and websites you can use to help you, and once you’ve tracked down everything make sure you take advice from a professional adviser on what to do with them all. Consolidating them all into one pot may be best, but it’s important to take that expert advice before you decide.

4. Confirm your state pension.

Before you decide when you wish to retire, you’ll need to confirm your state pension age and amount. You can check online at www.gov.uk/state-pension or alternatively you can book an appointment with an accredited pension adviser who will help you work out how much you’ll get and when you’ll be eligible to take it.

5. Reduce your spending.

To live comfortably in retirement, you will likely have to adjust your spending patterns and habits. If you reduce your spending levels before you retire, you’ll become used to your adjusted lifestyle and it will help to make the transition easier after retirement.

6. Decide how you are going to retire.

Are you going to stop working completely, or are you going to reduce your hours down for a year or two first? If stopping completely seems like it would be too big a change to make overnight, consider staggering your retirement over a few years. Discuss it with your employer and of course with your financial adviser, but don’t discount the possibility of first dropping down to three days a week for a year or two before retiring fully.

7. Finalise your estate planning.

If you don’t have a will, your Power of Attorney, and perhaps a Trust in place to help mitigate against inheritance tax on your estate; now is the time to do it. While you’re organising and planning for your future, also consider your long term situation and plan accordingly.

8. Consider downsizing.

One of the key things to consider as you approach retirement is your living situation. Firstly, if you’re no longer tied to going into work every day, you could consider a wholesale relocation: to a part of the country you’ve always wanted to live in, perhaps?! If all that change seems too much for you, you could still save a lot of money in retirement by moving to a smaller property within your local area. Pre-retirement would be the perfect time to sort this, so that by the time your reduced income hits you’ve planned for it in every way possible.

9. Check your benefits.

Don’t assume that you won’t be entitled to anything in retirement, make sure you check with the experts. You could be entitled to pension credit or housing allowance, for example, among other potential benefits - so make sure you check while you’re in the planning stages.

10. Update your investment portfolio.

Make sure you discuss your retirement plans with your financial adviser. Your adviser will need to update and plan your portfolio according for your retirement timescale, and the sooner you notify them of your plans the sooner you can begin to plan together towards your retirement goals and aspirations. Of course the most important plan you can make is to enjoy your retirement,and your new found freedom to go off and explore or just time to stay home and indulge your favourite hobbies!

Start planning your future. Speak to us today.

Contact Us

Seventy Financial Planning
The Apple Store, Haggs Farm,
Haggs Road, Follifoot, Harrogate,

01423 611004

[email protected]

Subscribe to our newsletter to receive all the latest insights.


Stay informed and get all the latest insights, news and upcoming events right into your inbox.