Retirement Planning Checklist
Your step-by-step action plan for building a secure retirement
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1. Estimate your retirement expenses
Include: housing, utilities, food, healthcare, transport, hobbies. Aim for 70-80% of current income as a starting point.
2. Calculate your State Pension
Check your forecast at gov.uk/check-state-pension. Full new State Pension is around £11,500/year (2026/27).
3. Check your workplace pension
Note: current pot value, contribution rate, employer match, projected retirement age.
4. Calculate your retirement target number
Use the 4% rule: annual expenses x 25. Or use Delphina retirement planner for a more detailed projection.
5. Assess your retirement gap
Target number - (State Pension + workplace pension) = your personal pension need
6. Review your timeline to retirement
Years until retirement x years to grow investments = compound growth opportunity
7. Maximise employer pension match
Always get the full employer contribution - this is free money you cannot afford to miss.
8. Consider a SIPP if self-employed
Self-Invested Personal Pension gives you control over investments with tax relief at your marginal rate.
9. Use your ISA allowance strategically
ISAs are tax-free in retirement. £20k/year can grow significantly over time.
10. Understand retirement taxation
25% of pension pot is tax-free. The rest is taxed as income. Plan your withdrawal strategy.
11. Factor in housing costs
Will you own outright, rent, or downsize? Housing is typically the largest retirement expense.
12. Plan for healthcare costs
NHS is free, but consider private health insurance, care home costs, and dental/vision expenses.
13. Maintain an emergency fund in retirement
Keep 6-12 months of expenses in cash even after retiring - for unexpected costs.
14. Aim to be debt-free by retirement
Mortgage payments in retirement can strain budgets. Target being debt-free before retirement.
15. Choose a withdrawal strategy
4% rule, variable percentage withdrawal, or bucket strategy. Understand how you will drawdown.
16. Stress-test your retirement plan
What if markets fall 30%? What if you live to 95? Use Delphina to model different scenarios.