Retirement planning isn’t just all about finance, although the change in income is a considerable factor. There are a number of other key issues that need consideration well ahead of time. An overall retirement plan helps you start thinking about these big changes well in advance so that your retirement is something to celebrate rather than fraught with worry.

These factors include money, of course, but health features significantly, together with big items like how many cars you will need and when you might offer to look after the grandchildren.


The pay cheques stop, which will take some getting used to, although there will be income from pensions, investments and perhaps rental properties or other sources. Make sure you know how much is coming in, and be sure to balance the books carefully to adjust your spending accordingly. Allow for the unforeseen so that there are no nasty surprises or shortfalls, such as rental properties being empty.


There will be some automatic reductions in outgoings such as travel to work, parking, work attire and so forth, but get used to thinking twice about spending – this needs an attitude readjustment and more careful planning.


Whilst it is tempting to conserve your investments in low-risk stable investment pots, these are unlikely to keep up with inflation gnawing away at your nest egg over time, so think about the balance of your investments and get a review from a financial adviser. IFA software such as that from enables advisers to plug in your circumstances and help you plan easily to manage your money. Help is also available from government sources such as

Look Out for Scams

Retirees are high on the list of targets for the unscrupulous, partly because the use of technology is a relatively new development and it is easy to get tricked into giving away precious information or parting with your money. If it sounds too good to be true, it probably is. If in doubt, don’t do it.


Good health is often taken for granted, and despite an excellent health service, ill-health or accidents can cause major problems. Think about keeping up with private health insurance.
Retirement should be a joyful and rewarding time, so employ a little thought and look after the pennies so you can enjoy the time and treat yourself.