Discover the value of your entire pension pot now.

Get Pension Audit Sheet
Oaklands Details

0121 355 4455
info@oaklandswealth.com
12A Duke Street
Sutton Coldfield
West Midlands
B72 1RJ

Oaklands Wealth Management Ltd

The 6 Essential Steps to Retirement Planning in Your 50’s

In your 50’s and bursting to write your resignation letter?

You’re definitely not alone after the last couple of years!

In fact, in your 50s you are perfectly placed to plan your escape with retirement planning.

With inflation rising by the day, you’re naturally worried about the effect on your pension and whether you’ve enough money to last your lifetime.

The good news is there is action you can take right now to secure your future. Here are six steps to get you started. 

Table of contents

    Find out YOUR NUMBER – how much money you’ll need to live off comfortably.

    This has to be your starting point so you know what income will maintain your desired lifestyle, cover your everyday expenses, and reduce the effect of inflation. 

    First, consider your current living expenses. This will give you a starting point for estimating your costs in retirement. Remember to include your rent/mortgage, groceries, utilities, fuel, car costs, debt payments, phone/internet, insurance, personal spending money, eating out, clothing, home maintenance/refurbishment, sports/hobbies, gifts, charity donations, childcare, education costs, medical expenses, opticians, vet/pet care. Remember to factor in the increased fuel costs and recent utility bill increases.

    Consider one off purchases or big one off expenses in retirement.

    Many people underestimate the cost of big one off expenses, such as home refurbishments, a new car, dream holidays or family events such as weddings. By planning for these costs in advance you can ensure that you have the money set aside for when you need it, while still being able to draw a monthly income to sustain your day to day living expenses.

    Check how much you have already in your pension pot(s).

    Most people have several pension pots by the time they retire – workplace pensions, personal pensions and a state pension.

    There are also several other types of pensions, so check to see if you have any of these too; 

    • SIPP
    • Group personal pension
    • Maybe you opted out of SERPS in the past and have a pot of money from that?
    • S32 Buy Out Bond
    • Retirement Annuity Contract 
    • Non-profit Deferred Annuity

    It’s important to know how much you have in your pension pot(s) so that you can plan and optimise your pensions. Combining your pensions could save you fees. There are a few different ways to find out how much you have in your pensions. You can check your annual pension statement, or contact your pension provider directly. 

    Take advice from a good Independent Financial Advisor.

    You are unique and so must be your retirement planning. You have to ask yourself if you have the time, expertise and inclination to select the right funds for your pension and savings. 

    Most people don’t relish the thought of being responsible for managing their own money. However many also don’t fancy paying fees to advisors. You need to  ask yourself: what is the price of peace of mind?

    If somebody else can take care of actively managing your retirement money and do a better job than you could yourself, is it worth a small percentage fee?

    A good Independent Financial Advisor can help you to assess your individual needs and develop a retirement plan which optimises your pension pot.  They will help you create a retirement cashflow plan which takes into account market fluctuations and inflation and your lifestyle.

    If you’re unsure how to choose the right IFA for you, we’ve got some advice for you here: How to choose which independent financial advisor

    The question looming large in the minds of people in their 50s and early 60s is “when can I retire?” The answer to this question depends on a number of factors, including your age, your health, your financial stability, and your desired lifestyle. However, with the help of an Independent Financial Advisor (IFA), you can develop a clear plan for when you can retire.

    Think about how you’ll spend your time in retirement.

    What do you dream of doing in your retirement? Maybe it’s spending more time with your family or friends, travelling and new adventures. Maybe finally getting around to learning new tricks. Or getting involved in a project you’re passionate about. 

    Whichever appeals to you, it’s time to enjoy the fruits of your labour and spend your days doing things that you love. You have earned this!

    Finalise your plan and act upon it.

    Sound thinking and planning is the foundation for a good retirement. However, to make it work it needs action. A plan is only as good as its delivery. So if you’re in your 50s and thinking about retirement, it’s important to have an action plan and a firm date in mind when you’ll have enough money to retire comfortably on.

    The six steps we’ve outlined will help get you started on the right path. But don’t worry if all this seems a bit daunting – our retirement financial planning experts are here for you. We can help you calculate how much money you’ll need to live comfortably in retirement, compare that with the total of your pensions and savings, and project the date you can hand in your letter of resignation.

    Ready to get started? Book a call with one of our experts today on 0121 355 4455 or drop us an email to appointments@oaklandswealth.com to arrange a confidential free chat.

    Please don’t delay. Time waits for no man, or woman.

    IMAGINE YOUR PENSION & SAVINGS 100% UNDER CONTROL…
    Arrange a chat

    Similar articles

    OUR INDEPENDENT FINANCIAL ADVISORS

    Click to view profileHelen Blackburn IFA Pension Transfer Specialist
    Click to view profileNick Hampton Investment Advisor

    THINKING OF MOVING FROM YOUR EXISTING ADVISOR?

    It’s easy to move on from another advisor.
    We’ll handle everything.

    All that’s needed is for you to sign some letters of authorisation and we’ll do the rest.

    None of your investments will be switched into new funds until you’ve agreed with our recommendations and you’re fully happy with any changes we propose.

    Schedule a chat

    7 KEY FEATURES OF THE OAKLANDS WEALTH MANAGEMENT SERVICE

    British Standard BS 8577 Awarded Service

    12 Month Money Back Service Guarantee

    Lifetime Cashflow Planning

    Risk Adjusted Personal Investment Portfolio

    ISO 222222 Certified Financial Advisors

    Monthly Fund Analysis

    2 Investment Portfolio Reviews Per Year

    A WORD FROM OUR CLIENTS...

    “I have been using Oaklands’ services since 2007, following my changed financial circumstances from divorce. Helen’s advice and handling of my investment portfolio has enabled me to become more relaxed about my financial situation and to not worry as much as I did in the early days, when handling finances was new to me.”

    Lynne Turner

    A WORD FROM OUR CLIENTS...

    “When my circumstances changed through divorce I visited Helen at Oaklands Wealth where she very clearly explained all my options in a way I understood. I’m very pleased with the outcome from the pension and investment advice and Helen couldn’t have been more friendly and helpful.”

    Janet Chatterley

    A FRIEND FOR YOUR FINANCIAL JOURNEY...

    THIS IS NOT A DIY SERVICE – WE TAKE FULL RESPONSIBILITY FOR SETTING UP YOUR PENSIONS AND SAVINGS. FOR LIFE.

    No half measures. We don’t set it up then leave you all at sea. We manage your investments ongoing and hold ourselves accountable for steering you through your financial journey.

    This phrase came from a client who said that’s exactly what we felt like to him, he said “you are like a friend or good neighbour who’s always got my best interests at heart.”

    Whatever the reason you come to us we care. We really care. Like it’s our own money.

    Tidying up bit and bobs of pensions and putting them neatly in a pot you have full control over.

    Maybe transferring a final salary pension if your objectives are better met with your own pension.

    Making sure you get all the tax efficiencies legally available to you to enhance your money.

    Pointing the microscope on 3,000+ funds and finding the best ones to secure your retirement.

    Get in touch
    FEES
    FEES
    Find out more
    OUR TEAM
    OUR TEAM
    Find out more
    CLIENT JOURNEY
    CLIENT JOURNEY
    Find out more
    ACCREDITATIONS
    ACCREDITATIONS
    Find out more