Six essential steps to take if you’re retiring in 2023!

If you’re retiring in 2023, congratulations! It’s an exciting milestone that you’re no doubt looking forward to. Here are six practical steps to take now to make sure you can retire with confidence and be financially secure

1. Set a retirement date

It can help you create an effective timeline for when you need to complete other tasks and make sure everything is ready for your retirement. It’s worth reviewing if you currently have valuable workplace benefits, such as life insurance or health insurance, that you’d like to maintain. It can ensure you don’t have any gaps in your retirement plan, and you can make it part of your budget from the outset.

2. Check your State Pension

The State Pension Age is slowly rising. It is 66 and is expected to reach 67 by 2028. You can use the government’s State Pension forecast to check how much you could receive, when you can claim it, and how you may be able to increase your entitlement.

3. Review your pension and calculate your income needs

When assessing if you’ve saved enough, you’ll need to think about how long your pension and other assets will need to last. Retirement can span many decades and calculating your long-term income needs now can help ensure you are financially secure in your later years.

4. Assess your financial safety net

As many retirees aren’t earning an income, it’s important that you take steps to ensure you can weather a financial shock. An emergency fund can continue to add value to your financial plan in retirement.

5. Set out what you’re looking forward to

Don’t forget to think about the things you’re looking forward to. Whether you’re hoping to spend more time with grandchildren, take up a hobby, or something entirely different, start thinking about how you want to fill your time. It can help ensure that retirement meets your expectations and is fulfilling.

6. Book a meeting with a financial planner

From your options when accessing a pension to the tax implications you may need to consider, we can help you create a retirement plan that’s right for you. It means you can focus on enjoying retirement. If you’d like to talk to one of Pembroke’s experienced, professional financial planners about how to balance goals with your finances, please contact us on 01273 774855 or email advice@pembrokefs.co.uk

Pembroke are one of the fastest growing Independent Financial Advisers in the South-East, offering a diverse range of pension, investment and wealth management services. Their portfolio includes a wide range of responsible and sustainable pension and investment fund opportunities.

Please note: This blog is for general information only and does not constitute advice. The information is aimed at retail clients only.

A pension is a long-term investment not normally accessible until 55 (57 from April 2028). The fund value may fluctuate and can go down, which would have an impact on the level of pension benefits available. Past performance is not a reliable indicator of future results.

The tax implications of pension withdrawals will be based on your individual circumstances. Thresholds, percentage rates and tax legislation may change in subsequent Finance Acts.