How to plan for your retirement in your 50s, 60s and 70s
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Yours money editor Sarah Jagger explains what you should be doing to make life after retirement more financially comfortable.

How to plan for retirement in your 50s

When do you want to retire?

Preparation and planning are key to meeting retirement goals. Set up a spreadsheet of your spending and income now and for when you’re retired to see what you might need. There's a useful free retirement planning tool at Pensionmonster.

6 questions to ask your partner before retirement

What is your retirement income likely to be?

Work out how much you have saved in private and workplace pension schemes and what income they’re likely to provide, not forgetting investments such as ISAs.

Find lost pensions using or call 0345 6002 537. Consider consolidating pension pots from your various employers into a modern pension.

How to trace your pensions

Get a State Pension forecast

Check your National Insurance Contributions are up to date and how many more years of contributions you’ll need to receive a full State Pension using For many of us, this alone will not provide enough, so now’s the time to top up pension contributions and maximise your employer’s contributions.

Pension freedoms

There are a number of options – tax-free lump sum, drawdown, annuity – however it’s important to understand how each can contribute to your income in the future and what the tax implications may be.

What should I do with my pension tax-free lump sum

Get free guidance and advice from Pensionwise to help understand your options.

All you need to know about Pensionwise

Action plan

  • Set retirement goals.
  • Maximise pension contributions.
  • Pay off debt.
  • Review how your pension pot is invested
  • Get a State Pension scheme forecast.
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How to plan for retirement in your 60s

Now's the time to start actively planning your retirement.

Boost your State Pension by paying NICs

Boost your State Pension by paying voluntary National Insurance Contributions. One year of
voluntary NICs costs £741 and could buy you an extra 1/35th of a pension – giving you an extra £237 per year.

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Boost your State Pension by deferring

State pensions are increased by 1% for every nine weeks you defer, or by 5.8% for a full year. If you’re entitled to the current full annual State Pension of £8,296.60 you’ll get an extra £479 a year. The longer you defer, the more you’ll get. Find out more at

How to downsize your home to bring in retirement cash

Action plan

  • Buy yourself more time to save by working longer.
  • Supplement your pension with part-time work.
  • Downsize your home or move to a lower cost area.
  • Check that debts, including your mortgage, are in order.
  • Create your retirement income strategy with the help of a financial adviser.
  • Avoid taking too much pension income which could put you in a higher income tax bracket.
  • Consider deferring.
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How to plan for retirement at 70-plus

Assess your income

You’re likely to be retired, receiving a retirement income and your State Pension. If you’re still working this may be by choice or necessity. Either way you could have 20 or more years ahead of you, so make sure your income lasts and is protected against cost-of-living increases.

How to budget on a pension

Investing your pension

If you opted to use ‘income drawdown’ and keep your money invested in stocks and shares while drawing an income, check your investments. Consider using some of your retirement income pot to buy a guaranteed income (annuity).

Can I cash in my annuity?

Passing on your pension

To ensure the right people benefit, complete an ‘expression of wish’ form and send it to your income drawdown provider.

How to pass on your pension pot to loved ones

Plan for the future

Consult a pension expert on the implications of long-term care find one local to you at Unbiased.

Top financial planning tips for retirement

Action plan

  • Review retirement income strategy.
  • Focus on cutting costs.
  • Make a long-term care plan.
  • Get inheritance and estate-planning advice.

For more help with your retirement planning go to Yours Retirement Services