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Your 10 Years to Retirement Checklist



Are you planning to retire within the next 10 years? Assessing your financial situation and taking action now can help bolster your retirement plans. If you’re on track, success! If you’re not, don’t worry you still have time to make changes that work best for you.

To help get you kick-started, we’ve put together a 10 years to retirement checklist to help guide you through the planning process and ensure you enjoy the retirement you want.


Set a Budget


A basic, yet important first step to determine the income you need when you come to retire. As if you don’t know, how will you know you’re on track with your retirement savings and income?

Divide your budget into two categories: essential and discretionary spending.

Essential spending - your expected living expenses when you’re retired. Consider if you’ll still be paying mortgage payments, supporting family members, utilities and food as well as insurance costs.

Discretionary spending - your expected lifestyle expenses. Such as hobbies, holidays, eating out and entertainment. After all, you need to make sure you have enough money to enjoy your retirement!

Sources of Income


When you have an idea of the budget you need, now it's time to identify where this income will come from. These could come from: State, Personal or Workplace pensions; saving and investments as well as properties.

From this, you should be able to determine when you could retire. You can also use our quick online calculator to find out how much you need to start saving now, to hit your retirement goals.

Pension Contributions


Are you making the most of your pension contributions?

Don’t forget, with the pension carry forward which allows you to carry forward unused annual allowances from three previous tax years.


Typically you can contribute up to 100% of your income into your pension each year or the £40,000 annual allowance (2021/22). Carry forward allows you to contribute more to your pension through unused allowances from previous years. However, there are a number of potential pitfalls to be aware of. These include factoring in employer contributions, the taper to £4,000 for high earners, navigating tax-free cash recycling rules, exceeding the lifetime allowance or losing valuable protection. It is always advisable to take advice before making pension contributions.

Create your Pension Plan


When you have the bigger picture in place you can discover what the retirement process will look like for you. It also helps you to discover how realistic your plans are and what you need to do to make them a reality.

Discover more of our retirement planning tips!

Create a Retirement Checklist With Schofield’s Help


Retirement is something that you should plan for at whatever point you are in your career. There are many things you can do now to ensure you have the retirement you wish. The financial planning that is right for you will be different depending on where you are on life's journey.

If you need advice on reviewing your finances, seeing if you are on track with your pension plans and helping you to make any changes, get in touch with our team of expert independent and chartered financial advisors today!

This article is for information purposes only. It does not constitute any financial or investment advice. Please contact us if you wish to proceed with any course of action suggested in this article.

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