Retirement Countdown: A 12-Month Timetable

This timetable breaks down the key tasks into manageable chunks, giving you plenty of time to get everything in order.

Part 1: Months 12-9 - Setting the Foundation

The first few months are all about planning and gathering information. Think of this as laying the groundwork for your financial future.

Create Your Retirement Budget

Your spending habits will change drastically. Sit down and get a firm grip on what your monthly and annual expenses will look like once you stop working. Consider factors like travel, hobbies, and healthcare costs.

Review All Your Pensions and Investments

Gather all your statements, including workplace pensions, private pensions, and your State Pension forecast. If you've lost track of an old pension, don’t worry—the government has a tracing service for that.

Consult a Financial Advisor

This is a great time to consult a financial advisor. They can help you model different scenarios and ensure your plan is robust and tax-efficient.

Focus on Well-being and Relationships

Schedule a full health check-up to establish a baseline for a healthier retirement. Most importantly, if you have a partner, discuss your shared vision for retirement. Talk about where you want to live and how you want to spend your time. This conversation is foundational.

Part 2: Months 8-5 - Taking Action

Now that you have your information, it's time to make concrete moves.

Pay Down High-Interest Debt

Entering retirement debt-free gives you immense financial freedom and peace of mind. Prioritise paying off any high-interest debts.

Adjust Your Investment Strategy

As you get closer to retirement, you'll want to de-risk your portfolio. Gradually shift from higher-risk investments to more stable assets to protect your nest egg.

Make It Official

Give formal written notice to your employer and request official pension quotes from your providers based on your chosen retirement date and withdrawal method.

Part 3: Months 4-1 - Finalising the Details

The finish line is in sight. Use this final phase to wrap up all the practicalities.

Set Up an Emergency Fund

This is a non-negotiable safety net to protect your long-term investments from unexpected costs.

Complete All the Paperwork

Submit all necessary forms to your employer and pension provider. This includes forms for your final pay slip, company benefits, and pension withdrawals.

Part 4: The Final Month - The Home Stretch

You've made it! This last month is for a few final checks and a lot of reflection.

Tie Up Any Loose Ends

Confirm that all your paperwork has been processed and your first pension payment is scheduled.

Embrace the Change

Take a moment to reflect on your career and get excited for the next chapter. A little bit of planning can go a long way in making your retirement transition smooth and stress-free. By following this 12-month timetable, you'll be well on your way to a confident and fulfilling retirement.

If you found this helpful, be sure to hit that like button and subscribe for more tips. We'll see you in the next video!

Months 12-9: Setting the Foundation

This is the time to gather information and create a clear picture of your current situation.

• Financial Planning:

- Create a Retirement Budget: Sit down and map out what your expenses will look like in retirement. Think about what will change—no more commuting costs, but maybe more travel or new hobbies. Get a firm grip on your monthly and annual spending.

- Review All Pensions & Investments: Gather statements for all your pension pots (workplace, private, and the State Pension), ISAs, and other investments. Use the government's Pension Tracing Service if you have lost track of any old pensions.

- Check Your State Pension Forecast: Get a state pension forecast to see how much you're on track to receive and your official State Pension age.

- Consult a Financial Advisor: If you haven't already, consider seeking professional financial advice. They can help you model different scenarios and ensure your plan is robust and tax-efficient.

• Dealing with Your Employer & Pension Provider:

- Initial Notification: Inform your employer of your intention to retire. This can be an informal conversation to start, giving them a heads-up and allowing you to understand their retirement policies.

- Check Pension Scheme Rules: Ask your pension provider about your specific scheme's rules. What are your options for taking your money (e.g., annuity, drawdown, lump sum)? Are there any penalties for retiring earlier or later than planned?

• Health:

- Schedule a Full Health Check-up: Now is a great time to visit your doctor or other health professionals for a full check-up. This helps you understand any potential health costs in the future and gives you a baseline for a healthier retirement.

• Relationships:

- Discuss Your Vision with Your Partner: If you're in a relationship, have an open and honest conversation with your partner about your shared vision for retirement. Talk about where you'll live, how you'll spend your time, and your financial expectations.

Months 8-5: Taking Action

With the foundation in place, it's time to start making concrete decisions and taking action.

• Financial Planning:

- Pay Down Debt: Prioritise paying off any high-interest debts like credit cards or loans. Entering retirement debt-free gives you much greater financial freedom.

- Adjust Your Investment Strategy: As you get closer to retirement, you may want to de-risk your portfolio. Work with your advisor to gradually shift from higher-risk investments to more stable assets.

- Review Your Will & Estate Plan: Ensure your will is up-to-date and reflects your current wishes. Consider setting up a Power of Attorney.

• Dealing with Your Employer & Pension Provider:

- Formalise Your Retirement Date: Give formal written notice to your employer. The notice period is usually outlined in your employment contract.

- Request Pension Quotes: Ask your pension providers for quotes based on your chosen retirement date and withdrawal method.

• Health:

- Research Health Insurance Options: Look into private health insurance options to supplement your national healthcare. Compare providers and plans to find one that suits your needs.

• Relationships:

- Plan How You'll Spend Your Time: Think about what you'll do with your newfound free time. Will you travel, volunteer, take up a new hobby, or spend more time with family? Talk about this with your partner and family members to get everyone on the same page.

Months 4-1: Finalising the Details

The finish line is in sight. Use this time to wrap up the practicalities.

• Financial Planning:

- Set Up an Emergency Fund: Ensure you have a liquid savings account with enough to cover 3-6 months of living expenses.

- Finalize Your Withdrawal Strategy: Make a final decision on how you'll take your pension money and set up the necessary accounts for income.

• Dealing with Your Employer & Pension Provider:

- Complete All Paperwork: Fill out and submit all the necessary forms to your employer and pension provider. This may include forms for your final paycheck, company benefits, and pension withdrawals.

• Health:

- Create a New Routine: Start thinking about your daily and weekly routine. How will you stay physically and mentally active? Consider joining a gym or a social club.

• Relationships:

- Arrange a Celebration: Plan a get-together with friends, family, and colleagues to celebrate your retirement.

The Final Month: The Home Stretch

• Financial Planning:

- Tie up Loose Ends: Confirm all paperwork is processed and your first pension payment is scheduled.

• Dealing with Your Employer & Pension Provider:

- Say Your Goodbyes: Wrap up any final projects and say farewell to your colleagues.

• Health & Relationships:

- Embrace the Change: Take a moment to reflect on your career and get excited for the next chapter.

Where applicable to your circumstance, redraw some of the charts shown below using your own information. When you have completed this then don't forget to take the quiz!