Retirement planning

You’ve been dreaming of this day for a long time. No more work and lots of leisure time. But how realistic are your plans now your retirement date is within touching distance?

While you have hopefully been doing an annual check of your finances and savings goals, there are a number of financial decisions that need to be made one year before you retire.

Firstly, you should assess your financial situation and decide whether you are in a position to stop working full-time or whether working part-time will enable you to top up your saving funds.

If your plans are on track, then about six months before you retire, you should contact your pension providers to find out what your final pension will be and how it will be paid. This may mean contacting your workplace pension trustee and your personal pension provider if you have one.