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Reitrement Planning in 2021

At DAM we believe retirement should be an enjoyable and relaxing experience- especially after a lifetime of hard work and 9 to 5 weeks.

If you are retiring in this year or considering retiring this year, it is not too late to get your finances in order an ensure your retirement is free from financial concerns and stress. We have put together a quick checklist of factors to consider when beginning your retirement planning. 

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 and spreadsheet. 

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 here.

Check your Pension Pot

Checking what is in your pension pot is essential when planning for retirement, it will allow you to see how much you have. It is also important to consider the different options you have available for accessing it at retirement to ensure this is done in a tax efficient and suitable style for your needs.

Trace any old pensions

It is possible if you have moved between jobs you may have multiple pensions. Tracing your pensions over the years will allow you to track any 'lost' pensions and provide a boost to your retirement income. 

Review your savings, investments and debt

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

If you have any questions or wish to speak to one of our qualified financial advisors about planning for your retirement- you can email us at info@damgoodpensions.com

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