There are a number of things you will need to do to ensure you are ready for retirement. Such as:
- Working out how much income you will receive during retirement and how your spending may need to change. As well as any benefit entitlement
- Considering the amount of savings and investments that could contribute towards your income after you retire
- Paying off outstanding debts. Inevitably, your income is likely to reduce upon retiring.
- Consider paying off debts such as credit card balances or hire purchases, as this could take up a larger proportion of your income than before. If you are entitled to a tax free lump-sum, you may consider using this to clear the debt
- Seeing if you are entitled to benefits that older people may be eligible to. This can include benefits such as Carer’s Allowance, Housing Benefit or reductions in council tax
- Requesting how much you may receive on your state pension. This will give you an indication of how much you may be paid based on previous National Insurance contributions
- Seeing what options you may have regarding how you take your state pension
- Making sure to set an appropriate date from when you begin drawing an income from your pension