Your retirement planning checklist

Retirement

Your retirement planning checklist

Retirement might feel like a distant milestone or an imminent change, but either way, planning for it doesn’t have to be daunting. Our retirement checklist breaks down the key decisions, from choosing your retirement age to understanding your pension options, helping you take confident steps towards a future that fits your lifestyle and goals.

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Planning for retirement isn’t always straightforward. It’s personal, it’s important, and it can feel overwhelming. That’s why we’ve created a simple checklist to help you take control of your future, one step at a time.

Whether retirement is years away or just around the corner, it’s never too early—or too late—to start thinking about what comes next.

Decide when you’d like to retire

Your retirement age doesn’t have to be set in stone. You might want to retire in line with your State Pension age, or you may prefer to stop working earlier—or later.

The State Pension age is currently 66, but it’s rising to 67 from 2028, and could reach 68 between 2044 and 2046. You can check your State Pension age on the government website.

You don’t have to wait for your State Pension to retire. Most personal and workplace pensions can be accessed from age 55 (rising to 57 in 2028). If you’re thinking about retiring early, it’s worth checking whether your savings can support that.

On the other hand, delaying retirement could give your pension more time to grow. If you have a defined contribution pension, speak to your provider to make sure you won’t miss out on any benefits. With a defined benefit pension, there’s usually a maximum age—often 75—by which you’ll need to take your money.

And if you delay your State Pension, you could receive more. For every nine weeks you wait, your pension increases by around 1%, which adds up to nearly 5.8% extra per year.

Work out how much money you’ll need

Retirement looks different for everyone. To understand what you’ll need, ask yourself:

Will your income cover your regular outgoings?
Do you want to maintain your current lifestyle?
Will you need extra for holidays or hobbies?
Are you planning to leave money to loved ones?
Do you need to factor in care costs?

The Pensions and Lifetime Savings Association offers helpful benchmarks:

Retirement Lifestyle	Annual expenditure (Two people)	Income pre-tax (per person)
Minimum	£21,600	£11,975
Moderate	£43,900	£24,295
Comfortable	£60,600	£34,733

These figures can help you shape a retirement that suits your goals.

Take stock of your savings

Retirement often means juggling multiple income sources. You might have:

Workplace pensions from previous jobs
Personal pensions
ISAs or savings accounts
Property or other investments

Since Auto-Enrolment began in 2012, most employees are automatically enrolled in a workplace pension. If you’ve changed jobs over the years, you may have several pension pots.

Keeping track of your savings helps you plan more effectively. And if you’re unsure what pensions you have, the government’s free Pension Tracing Service can help you find them.

Consider pension consolidation

Managing multiple pensions can be complex and potentially costly. Consolidating them into a single pot might make things simpler and reduce fees, but it’s important to weigh the pros and cons before making a decision.

Potential benefits:

Easier to keep track of your savings and investment performance
One set of charges instead of multiple
A clearer picture of your overall retirement income

Things to watch out for:

Some pensions may have valuable benefits—such as guaranteed annuity rates or protected tax-free cash—that you could lose if you transfer them
There may be exit fees or transfer charges
Investment options and service levels can vary between providers

Before consolidating, it’s a good idea to check the details of each pension and consider speaking to a financial adviser to make sure it’s the right move for you.

Make the most of your contributions

Under Auto-Enrolment, you’ll usually contribute at least 5% of your qualifying earnings, with your employer adding a minimum of 3%. But if you can afford to contribute more, it could make a big difference.

Some employers match additional contributions up to a certain limit. And if you’re eligible, you’ll get tax relief on contributions up to £60,000 or 100% of your salary (whichever is lower).

Understand your withdrawal options

When it’s time to access your pension, you’ll have choices. The first 25% is usually tax-free, and how you take it depends on your preferences.

Annuity: Provides a guaranteed income for life or a set period.
Drawdown: Lets you withdraw money flexibly while keeping the rest invested.
Combination: You can mix approaches to suit your needs.

Each option has tax implications, so it’s worth considering how your choices affect your overall income.

Your retirement checklist

Here’s a quick summary to help you get started:

Decide when you want to retire
Calculate how much money you’ll need
List all your savings and investments
Trace any lost pensions
Consider increasing your contributions
Explore combining your pensions
Choose how you’ll withdraw your pension

If you’d like help shaping your retirement plan, we’re here to support you. At SPW, we believe in clear, confident conversations that help you feel in control of your financial future.

Important information

This article is for information purposes only. It is not intended as investment advice.

Fees and charges apply at Schroders Personal Wealth.

The retirement benefits you receive from your pension plan depend on a number of factors including the value of your plan when you decide to take your benefits which isn't guaranteed and can do down as well as up. The benefits of your plan could fall below the amount(s) paid in.

Tax treatment depends on the individual circumstances of each client and may be subject to change in the future.

In preparing this article we have used third party sources which we believe to be true and accurate as at the date of writing but can give no assurances or warranty regarding the accuracy, currency or applicability of any of the contents in relation to specific situations and particular circumstances.

Any views expressed are our in-house views as at the time of publishing. This content may not be used, copied, quoted, circulated or otherwise disclosed (in whole or in part) without our prior written consent.

Last Updated on 19th September 2025

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Retirement

Your retirement planning checklist

Decide when you’d like to retire

Work out how much money you’ll need

Take stock of your savings

Consider pension consolidation

Make the most of your contributions

Understand your withdrawal options

Your retirement checklist

Important information

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