Top 20 Retirement Planning Questions

Plan a financially secure retirement

Retirement planning is about setting goals and making financial adjustments to best meet them. But what are your retirement goals? Until you understand what you want to achieve from your retirement, you can’t plan it!

Ask yourself the following Top 20 (yes, 20!) questions to start planning your perfect retirement…

When will you retire?
Will you enter semi retirement with reduced hours or project/contract work?
How much income will you need to cover essentials?
How much income would you like for your ideal retirement lifestyle, and will this change as you age?
Will you qualify for state pension benefits in the UK or elsewhere?
Do you have other sources of retirement income, such as property rent or investment dividends?
Do you have secure income elsewhere?
Can you afford to take investment risk with your pension savings?
Where will you live in retirement, will you be under a different currency to GBP?
What do your loved ones need from your pensions if you die?
Are loved ones financially dependent on you, could they suffer if you die?
Will your current pension be available for loved ones upon death and will they be taxed?
Could your health affect your long-term personal and financial plans?
What if your personal circumstances change before retirement?
How much tax will you pay in retirement?
Do you have any debts, mortgages or other financial obligations to settle by the time you retire?
Could your other wealth (pensions and/or investments) be used to provide a flexible income or meet your unique withdrawal needs?
Have you considered protecting your loved ones with financial protection policies?
Are you ready to make an educated decision over your pension planning?
Do you consider yourself fully informed of your options?

Read our set of FREE financial and pension guides, written by qualified industry professionals, before you take advice.

Top 20 Retirement Planning Questions

Pension Transfer Personality Quiz

Take our free pension transfer personality quiz to find out if a pension transfer is right for you!

1 / 10

How would you describe your investment or financial planning experience?

I have never taken invested money in the markets, I don’t understand pensions and have no interest in financial planning

I take some interest in my planning and would like to explore my options

I have a keen interest in finances and the markets, and have some investment experience

2 / 10

Where will you live in retirement?

I will live in the UK and be a UK taxpayer

I am uncertain of where I will live, it could be abroad

I will not live in the UK in retirement

3 / 10

What sort of taxpayer will you be in retirement?

I will pay modest UK tax, with total income under £40,000 per annum

I will be a UK higher rate taxpayer

I will not be a UK taxpayer as I will live abroad

4 / 10

How would you describe your relationship with money and finances?

I have a poor relationship with money. I struggle to keep to a budget and tend to overspend.

I have a realistic attitude to money and finances. I save surplus income and live within my means. I take some interest in my finances.

I have a good relationship with money. I focus on long-term savings and take interest in my financial planning. I have a good understanding of pensions and am comfortable discussing financial topics.

5 / 10

Are your essential outgoings already covered by other retirement income?

No, my pension will be used for essential outgoings

Partly, I do have other sources of income for retirement

My essential outgoings will be covered by other income in retirement

6 / 10

Will anyone else be reliant on your pension for their financial security?

Yes, this will be the main source of income for our household in retirement

Partially, but my loved ones have other resources for their retirement

No one else is dependent on my pension income

7 / 10

When you retire, will you need to withdraw a lump sum?

I do not require a specific lump sum, but the option would be nice

I will need some funds at retirement

I want to take the maximum lump sum available

8 / 10

Do you require ad-hoc access to your pension funds in retirement?

No, a structured income would be enough

I would like the option to take ad-hoc withdrawals

I would like my pension to be flexible and allow ad-hoc withdrawals

9 / 10

How would your ideal retirement income be structured?

I want a guaranteed monthly income for life

I want some financial protection, with some flexibility

I want my pension income to be flexible and under my control

10 / 10

If you died, who would you want to benefit from your pension money?

I would like my spouse/civil partner to benefit from a pension income for their lifetime

I would like my spouse to benefit first, with money then left to children or other loved ones

I would like to have the flexibility to choose and change who benefits from my money

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Plan a financially secure retirement

Ask yourself the following Top 20 (yes, 20!) questions to start planning your perfect retirement…

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