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Planning Retirement Online


Retirement Planning – Timelines


A Lifetime’s Project

blank paper - starting writing plansRetirement is not what it used to be. In the 21st century, people can expect to have 25 years and possibly more in retirement and they expect to make the most of it. Retirement is not an end, it’s a start – it’s the start of another active phase of life. It’s true that since the demise of the default retirement age in October 2011 more people may work for longer but, nevertheless, retirement is, and will continue to be, a significant phase in most people’s lives.

Timeline Introduction
Age 20
Age 30
Age 40
Age 50
2-3 years before retirement
Back to timeline Introduction

Most people are still fit and healthy when they retire. They are younger, in terms of the proportion of their lives that they still have to live, and they want to be able to enjoy life. People want an active lifestyle that may involve some paid or voluntary work, some travel, taking up some new hobbies, spoiling the grandchildren and lots of other activities.

It’s quite right that we should all want these things in retirement. The problem is actually being able to achieve them. Retirement is a time of opportunity and choice: there is the opportunity to do all those things that we have always wanted to do but have not been able to do because of the pressures of work and we are able to choose the things that we do. However, like everything else, if we don’t plan for retirement we increase the risk of not grasping those opportunities and/or making the wrong choices.

Here at LaterLife we are specialists in Retirement and when you get close to retirement, or trying to decide exactly when to retire, our Planning for Retirement workshops, run in 40 locations around the UK, provide the best help you can get in planning your retirement lifestyle. 

Earlier in our lives most of our planning needs to be financial. Nevertheless our planning needs to be lifestyle led because it is the type of retirement we want that determines how much money we will need to make the most of it. 

In the following pages, therefore, you will find a guide to planning retirement throughout your life so that, when the time comes, you are fully prepared and have all the resources that you need to have a retirement that is enjoyable and fulfilling. The guide suggests that you review your plans at 20, 30, 40, 50 and then about two years before you retire. These ages have been chosen because reaching a new decade is a milestone in life and therefore provides an ideal opportunity to spend a few minutes thinking about the future. However, as you read the Guide, you may appreciate that you may need to adjust the actual ages (particularly the later ones) at which you think about these issues according to when you think that you will actually retire. With the removal of the default retirement age the decision about when to retire is a now a significant one and one that we will probably have to think about quite clearly. If we start to think about and plan our retirement whilst we are still young and then review and modify those plans at regular intervals, that decision is likely to be much easier. We will also increase our chances of being able to retire when we want to because we have planned it properly.

So read the following pages, apply it to your own situation and perhaps share it with your younger family members so that they can gain the full benefit from it too.



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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