Text size:
10 years to retirement

Retirement checklist

Step 1: What do you need to live on in retirement?

Use our retirement budget planner to work out how much money you’ll need in retirement. Remember, you’ll probably have paid off your mortgage by the time you are fully retired and, even if you continue to work part time, you may be at home more, so your utility bills may be higher.

Step 2: How much will your pensions give you?
  • Find out how much State Pension you’ll get. Our guide to state benefits will help you find out how to do this.
  • Ask your pension provider/s for up-to-date statements.
Step 3: Is there a gap between how much you’ll get and how much you need?
  • Now you know what you’ll need to live on in retirement, use our Pensions Calculator to see if your pensions are on target.
  • If there's a gap, consider your options - do you need to start a new pension, pay more money into an existing one or make other arrangements?
  • Tot up your savings. Are they working hard enough for you? Look at the savings options that are currently available, as you may be able to get a better return. Could you save more?
  • If you need help and advice with your pensions and savings, you could speak with a financial adviser to discuss your options.
Step 4: When and how will you take your pension savings?

Start to consider when and how you’ll take your pension savings. Current legislation means you can start to take benefits from your personal and some employer pensions from age 55. Use our guide to retirement options to see what options are available.

Step 5: Is everything in order for your loved ones?
  • Check the nominated beneficiary for your pensions and update with your pension provider/s if necessary.
  • If you don’t have a will, make one now. You can use our guide to bereavement to help get you started.

We can see that you are using Internet Explorer 8 to view our website. This means certain content may not be available to you.

In order to get the best experience from our website, please upgrade to a later version of Internet Explorer or use an alternative such as Chrome or Firefox.