S8 Ep7: Top 10 Tips for Preparing for Retirement

In Episode 7 of this Faith and Finance Top 10s season, Simon and Bex discuss ten top tips in connection with preparing for retirement.

Some key points of interest covered in this episode include the following:

• Simon’s first top tip when planning for retirement is to start early. [01:14]
• Top tip number two is to try to keep abreast of the current, basic rules affecting pensions. Various websites such as Gov.UK, Money Saving Expert and those belonging to debt charities, such as Christians Against Poverty, can be very helpful in this regard. [03:17]
• Thirdly, Simon stresses the importance of maximising one’s State Pension eg by buying additional years, if need be. The Money Saving Expert website has some particularly helpful articles on this topic. [06:10]
• A tip for those who are one or two years off retirement is to maximise their pension contributions during that period. [08:57]
• Because of the number of different pension schemes available these days, the next tip is to ensure that you understand fully the nature of your pension arrangements and, in particular, the best way of taking money out of your pension(s). [10:09]
• Simon explains why it is important to create a retirement budget and to take account of how the cost of living might change over time. [11:49]
• The next priority identified by Simon is to collate information about your possible sources of income during retirement so that your plans can be as realistic as possible. [15:32]
• Simon suggests that, depending on circumstances, a useful tip for some people could be to consider consulting a financial planner. [17:10]
• Simon’s penultimate tip is to start applying for pensions early; don’t wait until just before you retire as it’s not an instant process. [20:15]
• Simon’s final top tip is to consider phased retirement, if that is an option for you. [21:51]

Suggestions or feedback arising from this episode can be sent via email to whereyourtreasureis@freerangepodcasting.co.uk while messages via Instagram should be directed to @whereyourtreasureispodcast.

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