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Planning Retirement Online


Reviewing Retirement Finances


Reviewing Projected Retirement income - Checklist

ChecklistIf you already have your retirement planning in hand then you need to periodically review that you are on course to achieve the retirement income that you want, decide if your objectives have changed, and make any adjustments necessary.

Our Timeline section for retirement planning by age will give you the things to consider, both finance and lifestyle, at each stage but this section provides a checklist that you will find useful on each occasion that you want to carry out a review. Ideally you should do so each year, even if it is only cursory to make sure nothing has changed. If you receive an annual report from your pension provider this can be a good time to review everything.

So review each of the following and decide if they necessitate changes in what you are saving:

  • What of significance, if anything, has changed in your personal circumstances? This might be change of job, moving house, birth of child or grandchild, divorce, death of family member, inheritance etc. If so does this change have implications for your retirement provision?

  • Have you changed the target date for when you want to retire? In particular if you want to retire earlier, what change do you need to make to your retirement savings?

  • Have you got an up to date forecast from your pension provider of your fund and its projected size if you continue saving at the same rate? Most provide an annual valuation and projection.

  • If there is a shortfall do you need to increase contributions? Do you receive bonuses or have other lump sums that you might pay into your pension scheme.

  • Have you obtained a state pension forecast and if so is it still accurate?

  • Have you checked the state retirement age calculator?

  • What is forecast to happen to annuity rates? Will this impact your pension and necessitate any adjustments to savings?

  • Are you in a position to increase major recurring expenditure, such as mortgage payments, so that your mortgage is paid off by the time you want to retire?

  • Has what you want to do in retirement changed? Are there any things that would significantly affect expenditure? Have you built a list of such items to maintain for the next review?

  • Are there any major life expenditure items that you need to build into your plans e.g. children’s weddings. Have you built a list of such items to maintain for the next review?

  • Have you moved jobs since the last review? Is there a pension left with your old employer? If so have you filed away contact details for the future?

  • Are you now within 5 years of when you might want to retire? If so look at our ‘When you retire’ section to start understanding the decisions you will need to make. Also take a look at the checklist in that section as a supplement to this one.

Also as you get nearer retirement consider whether you might wish to go for phased retirement which might help your overall financial situation and timescales for retirement.



The rest of this Guide covers the various aspects of planning your retirement finances in the first place. If you have your retirement planning in hand we still suggest you browse through the whole guide to make sure you have covered all aspects and then use this checklist periodically in the future.



However if you feel that you need some help from a financial advisor, then visit our section on obtaining financial advice, or our page on Laterlife selected services and associated advice.


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