Retirement should be a time to sit back and enjoy life, not to worry about how you are going to make ends meet.
Here are our top tips to help you plan for a prosperous retirement.
Think about how long you might live
Most of us have no idea when we will die, but it is crucial not to underestimate how long you might be around for or you could end up spending your pension savings too quickly.
Seek professional advice
Retirement planning is never a case of one size fits all, so get independent financial advice to help you make the most of your pension savings. An adviser can cut through the confusion and make sure that the retirement minefield is successfully negotiated.
Look at the charges you are paying on your pension
The more you pay in charges the less remains in your pension pot.
Find out how much state pension you might be entitled to
The state pension alone certainly will not provide you with a prosperous retirement, but it can boost your income every month.
Check your pension investments
Don’t just pile money into your pension without knowing exactly where it is being invested. You should regularly review these investments so that they stay in line with your risk profile and objectives.
Track down old pensions
Most of us will have worked for a number of employers over the years and it can be easy to lose track of old pensions.
Review other savings and investments
If you have got savings and investments, make sure they are working as hard as possible for you. Compare rates paid on your savings accounts with those offered by alternative providers and move your money if higher returns are available elsewhere.