Its surprising how many people enter retirement without a plan. Would you plan a car journey without a map or indeed these days taking your sat-nav? No! I doubt very much you would, so why do so many retirees drift into retirement without a plan?
At least 6 months before your intended retirement date you need to write yourself a checklist, this article will give you a few pointers to help you plan. We have all heard that well known Cliché “fail to plan, plan to fail” well it is so true.
So lets start with a few things you need to organise:
- Annuity – Are you aware how much income yours will provide?
- State Pension – Have you obtained a forecast of your state pension entitlement? You can get a BR19 form or go online at the Direct.gov website
- Life Insurance – Once you finish work will your family still have the vital protection in the event of your death?
- Will – Have you made a will?
- Emergency fund – Do you have an emergency fund set aside for any unforeseen spending requirements?
- Benefits – Have you investigated what you may be able to claim, e.g. Council tax benefit?
Now that list is just for starters, I am sure you can add a few of your own.
If your pension provider has not contacted you at least 6 months before you retire then you need to call them and get a retirement benefits pack from them. It is so important to get an idea on what income your retirement annuity will provide so you can plan your retirement expenditure.
Enjoy your retirement!!