Retirement planning involves many steps and can seem overwhelming. Here at Schofield we want to ensure that your retirement is an enjoyable process. Here we have created your preparing for retirement checklist, this will help you with retirement planning now and in the future. You can download our FREE PDF checklist to keep with you as you work through the points. 

1: Money matters

The first step in preparing for retirement is to look at your money. This involves looking at your budget and updating any outdated subscriptions you have. This will help you be ready for your retirement, and spend less time in the first days dealing with paperwork

Reassess savings

Use this time to reassess your savings and see if you can double down and save a bit more. Every penny helps when it comes to preparing for retirement. 

Check investments

Now is the perfect time to check your investments and see if it is the right time to pull some investments out or move them around. Speak to your financial planner before making any decisions about your investments. 

2: Plan your retirement date

Now you have a handle on your money you can begin to plan and set a date for retirement. Some people may wish to retire early, this would mean before state retirement pensions kick in. Others may wish to retire after their state retirement age. The choice is yours and planning your retirement date is supposed to be exciting!

3: Inform your employer 

Once you have a date in mind you should give notice to your employer of your decision to retire. There will be the minimum notice required, however, many who plan to retire give plenty of notice to ensure that employers are able to hire and train new staff. 

Do remember, if you have been with your employer for many years it may be difficult for them to process your retirement plans. They may try and persuade you to stay. Do what is best for you and if that means you want to stick around a little longer and work a few more years then do it. 

4: Give notice to pension scheme for withdrawals 

Once you have given notice to your employer now is the time to speak to your financial planners and organise your pension schemes. This means making sure you give the right amount of notice in order to receive your payments. How you decide to receive your pension payments is up to you. 

Seek advice from your financial planner if you have any questions.

5: Get your last will and testament

This might seem a little grim to organise but it is an important part of the process. Get all your legal documents in order and have it done and dusted so you can enjoy your retirement. 

6: Insurances

Check over insurances from your life insurance to home insurance. These are vital to keep yourself and your home protected. Make sure you have your insurances up to date to ensure they are valid.

7: Home planning

If you have bought your home and paid off your mortgage, decide if you plan to stay put or if you would like to downsize. Moving home might give you more cash to play with if you downsize. 

Alternatively many who own their home when going into retirement wish to leave it to their children or grandchildren. Make sure you have the right legalities in place to alleviate things such as inheritance tax etc. 

8: Plan your lifestyle

Look at what you hope to do during retirement. Plan your lifestyle and how you want your retirement to look. This will be the fun part as you consider the free time you have and what you could possibly achieve with your retirement. 

If you are planning to retire, contact our team of independent financial planners now. No matter what stage you are in your financial planning, our team at Schofield are here to help.