As retirement approaches there are some major decisions to make. These decisions will impact on the rest of your life and should be considered thoroughly. Retirement is about more than money and there are many other important things to consider, like how will you spend your time?

The first thing to consider is  how much income will you have?

  • Check your pension income estimates from your annual statements - see MoneyHelper
  • Request an estimate of your State Pension entitlement via the website
  • Trace any Pensions you have lost track of via Pensions Tracing Service
  • Write down details of all above
  • Decide how you will take your pension income - see MoneyHelper
  • Calculate whether you have to cut back your expenditure?
  • Determine whether you be eligible for any State Benefits? see

Further advice on concerns and lost pensions is available from The Pensions Advisory Service.

Pensionwise is a free and impartial government service that helps you understand your new pension options.

Template letters (MSWord downloads) to help you trace your pensions are available at the following links:

A guide "Ways to boost your pension income in the run-up to retirement" is available from MoneyHelper

However, retirement is about more than money. There are many other important things to consider.

  • How will you to spend your time?
  • Where do you want to live and who you would you like to spend your time with?
  • Do you want to carry on working part-time?
  • Do you want to carry out some form of voluntary work?
  • Do you want to participate in further education?
  • Do you have hobbies or interests that will help fill your time?
  • How will you keep mentally and physically active?
  • Have you realistically considered what your life will be like as a retired person?
  • Are you mentally prepared for retirement?

If you have any doubts about any of these subjects then it might be beneficial to attend a local external "Preparing for Retirement" course or seminar(s) or select one of the many courses available online.

For a complete guide of what to think about when planning your retirement money and tax follow this link.

For information on preparing your finances for retirement follow this link.

Details of pitfalls you must avoid in order to have enough cash to keep you going are available from MoneyMagpie.

For more information on how hobbies can help you live a happier life in retirement is available from SAGA.

Further help and advice on all aspects of retirement including actual case studies can be found at this link.

A guide to the things you will need to consider if you plan to carry on working full or part-time after you have reached state pension age is available from SAGA.

A checklist, Retirement and Pensions Checklist: The Definitive Guide for Seniors, is available at

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