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Get financially fit for retirement

Four small steps to help you make the most of your money.

Retirement is changing. For many of us it’s become a transitional period between our mid-50s and 70s, with lots of options and flexibility. Whether you want to carry on working, switch to part-time, pursue a new qualification, take up a volunteer role or something entirely different – there are now a variety of paths you can take in retirement.

" More than half of UK workers plan to work at least part-time during retirement."

The Fidelity Global Retirement Survey - 2019

As well as having more choice when it comes to our retirement, we’re also living longer. In fact, your retirement could span 25 years or more. So, it’s important to make sure your savings last1

There are four small steps you can take that could help you make the most of your money both now and in your retirement (whatever that looks like for you)

Step 1: Warm up with a budget

Many of us have ideas about what we want our life to look like, but we often don’t know what that might cost. In fact, our research shows that nearly half (43%) of us don't know how much money we’ll need in retirement1

Creating a budget will help you get prepared by giving you a picture of how much your lifestyle might cost in retirement.

Start by listing your basic expenses. You might find, because you’ve finalised big expenses like your mortgage or your children’s education, that your day-to-day costs could be lower. 

But don’t just think about your essential expenses like house bills and food costs. It’s also important to think about how you’d like to spend your time retirement and what your discretionary expenses could be. 

Having a budget in mind will help you understand how much the life you want to live might cost in retirement.

Use our retirement budgeting calculator

Our budgeting tool allows you to input your known expenditure weekly, monthly, or annually, so you don’t have to work it out. You can also input your expected retirement income to see how many of the wonderful things you

Step 2

Focus on flexibility - work out your income in retirement and your options

Step 3

Help your money go the distance - plan your course for retirement.

Step 4

Pass on your pension - nominate your beneficiary.