{"id":853,"date":"2023-01-02T10:14:51","date_gmt":"2023-01-02T10:14:51","guid":{"rendered":"https:\/\/www.redstareducation.co.uk\/blog\/?p=853"},"modified":"2023-01-02T10:14:51","modified_gmt":"2023-01-02T10:14:51","slug":"how-to-financially-prepare-for-retirement","status":"publish","type":"post","link":"https:\/\/www.redstareducation.co.uk\/blog\/how-to-financially-prepare-for-retirement\/","title":{"rendered":"How to Financially Prepare for Retirement"},"content":{"rendered":"<p style=\"font-weight: 400;\">When you retire, you are finally leaving the world of work and heading into the next stage of life. It should be a positive experience, not one that causes you stress or hardship. Read on to find out some steps you can take to remove any financial pressures that may occur when you retire.<\/p>\n<h2 style=\"font-weight: 400;\">Draw up a Retirement Plan<\/h2>\n<p style=\"font-weight: 400;\">Your retirement plan should outline:<\/p>\n<ul>\n<li style=\"font-weight: 400;\">When you want to retire<\/li>\n<li style=\"font-weight: 400;\">Whether you want to stop working all at once or phase it out by reducing working hours\/days over time<\/li>\n<li style=\"font-weight: 400;\">Estimates of taxes you will have to pay<\/li>\n<li style=\"font-weight: 400;\">How you are going to take your pension<\/li>\n<li style=\"font-weight: 400;\">An estimate of the money you will need in retirement<\/li>\n<\/ul>\n<h2 style=\"font-weight: 400;\">Look at all of the Numbers\u2026<\/h2>\n<p style=\"font-weight: 400;\">If you\u2019re thinking of retiring over the next few years, you should <a href=\"https:\/\/www.redstareducation.co.uk\/blog\/budget-planner\/\">create a budget plan<\/a>. This is because you will most likely be living off a smaller income and so may need to adopt a different spending pattern to what you\u2019re used to.<\/p>\n<p style=\"font-weight: 400;\">For your budget you should work out any essential costs and then figure out how much money you have left to spend on non-essentials. You can then estimate what level of retirement income you will need to afford this.<\/p>\n<p style=\"font-weight: 400;\">If you work out what your likely retirement income will be, you\u2019ll be able to clearly see whether there is a clear difference between the money you need and the money you will actually have.<\/p>\n<p style=\"font-weight: 400;\">Once you\u2019ve figured out your retirement and budget plan, you need to ask yourself whether this is feasible. Will you be able to retire when you want to and still afford all of your costs? Or do any changes need to be made to your retirement plan?<\/p>\n<p style=\"font-weight: 400;\">Changes may include retiring later and increasing pension contributions now. Maybe you will have to make some cuts to your spending in retirement, or maybe you will need to top-up your retirement income. All of these are possible changes which you might need to make which is why it is so important to plan for your retirement in advance, so that you aren\u2019t faced with a huge shock.<\/p>\n<h2><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-797\" src=\"https:\/\/www.redstarwealth.co.uk\/blog\/wp-content\/uploads\/pexels-monstera-5849561-scaled-e1671203499742-600x303.jpg\" alt=\"\" width=\"463\" height=\"234\" \/><\/h2>\n<h2 style=\"font-weight: 400;\">Estimating your Retirement Income<\/h2>\n<ul>\n<li style=\"font-weight: 400;\">Get your state pension statement via the government website<\/li>\n<li style=\"font-weight: 400;\">Ask any pension providers you have for retirement quotes<\/li>\n<li style=\"font-weight: 400;\">Add up the total of all your savings and investment<\/li>\n<\/ul>\n<p>It may be a good idea to use a financial adviser to help with this<\/p>\n<h2 style=\"font-weight: 400;\">Make sure you\u2019re Getting the Maximum Amount you are Entitled to<\/h2>\n<p style=\"font-weight: 400;\">Your will not be automatically paid your State Pension, you will have to claim it in order to receive it. Make sure you do this, because you are entitled to that money! The quickest way to get your state pension is by <a href=\"https:\/\/www.gov.uk\/deferring-state-pension\/how-to-claim-a-deferred-state-pension\">applying online via the government website<\/a>.<\/p>\n<p style=\"font-weight: 400;\">The amount you get depends on your National Insurance record, from making contributions or receiving credits.<\/p>\n<p style=\"font-weight: 400;\">Make sure you trace any old pensions you\u2019ve lost track of over the years. You can use the <a href=\"https:\/\/www.gov.uk\/find-pension-contact-details\">Pension Tracing Service website<\/a> for free to help with this. Every little helps\u2026<\/p>\n<h2 style=\"font-weight: 400;\">Go Debt Free<\/h2>\n<p style=\"font-weight: 400;\">Try to start your retirement with as little debt as possible. You don\u2019t want to be stuck making repayments when you\u2019re already living off a smaller income.<\/p>\n<p>For some tips on avoiding debt and steps you can take if you&#8217;re already in debt, <a href=\"https:\/\/www.redstareducation.co.uk\/blog\/top-tips-for-avoiding-debt\/\">click here<\/a>.<\/p>\n<h2 style=\"font-weight: 400;\">Things you can do whilst you\u2019re Younger<\/h2>\n<p style=\"font-weight: 400;\">Even if you aren\u2019t thinking of retiring for a long time, here are some steps you can take now:<\/p>\n<ul>\n<li style=\"font-weight: 400;\">Start contributing to your pension as soon as possible. Don\u2019t wait to turn 22 or to earn \u00a310,000 in order to trigger auto-enrolment. Pensions work on a system of compound interest, so starting early can really help build your savings over the years<\/li>\n<li style=\"font-weight: 400;\">Where possible, continue to make pension contributions when out of work. This of course should only be done where you have the spare money to<\/li>\n<li style=\"font-weight: 400;\">Pay more than the minimum contribution to your pension pot<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>When you retire, you are finally leaving the world of work and heading into the next stage of life. It should be a positive experience, not one that causes you stress or hardship. Read on to find out some steps you can take to remove any financial pressures that may occur when you retire. Draw [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":854,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[1],"tags":[71,105,23,123,24,159,258,160,254,177,255,256,161,259,257,109],"class_list":["post-853","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-budget","tag-budget-plan","tag-finance","tag-finances","tag-financial-planning","tag-pension","tag-pension-contributions","tag-pension-pot","tag-pensioner","tag-pensions","tag-retire","tag-retired","tag-retirement","tag-retirement-plan","tag-retiring","tag-savings"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>How to Financially Prepare for Retirement - Red Star Education Blog<\/title>\n<meta name=\"description\" content=\"Retirement should be a positive experience, not one that causes you stress or hardship. Here are some steps you can take to prepare for it...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.redstareducation.co.uk\/blog\/how-to-financially-prepare-for-retirement\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How to Financially Prepare for Retirement - Red Star Education Blog\" \/>\n<meta property=\"og:description\" content=\"Retirement should be a positive experience, not one that causes you stress or hardship. Here are some steps you can take to prepare for it...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.redstareducation.co.uk\/blog\/how-to-financially-prepare-for-retirement\/\" \/>\n<meta property=\"og:site_name\" content=\"Red Star Education Blog\" \/>\n<meta property=\"article:published_time\" content=\"2023-01-02T10:14:51+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.redstareducation.co.uk\/blog\/wp-content\/uploads\/pexels-monica-silvestre-1034597-scaled.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"2560\" \/>\n\t<meta property=\"og:image:height\" content=\"1988\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Lydia Beck\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Lydia Beck\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.redstareducation.co.uk\/blog\/#website\",\"url\":\"https:\/\/www.redstareducation.co.uk\/blog\/\",\"name\":\"Red Star Education Blog\",\"description\":\"Just another WordPress site\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.redstareducation.co.uk\/blog\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-GB\"},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-GB\",\"@id\":\"https:\/\/www.redstareducation.co.uk\/blog\/how-to-financially-prepare-for-retirement\/#primaryimage\",\"url\":\"https:\/\/www.redstareducation.co.uk\/blog\/wp-content\/uploads\/pexels-monica-silvestre-1034597-scaled.jpg\",\"contentUrl\":\"https:\/\/www.redstareducation.co.uk\/blog\/wp-content\/uploads\/pexels-monica-silvestre-1034597-scaled.jpg\",\"width\":2560,\"height\":1988},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.redstareducation.co.uk\/blog\/how-to-financially-prepare-for-retirement\/#webpage\",\"url\":\"https:\/\/www.redstareducation.co.uk\/blog\/how-to-financially-prepare-for-retirement\/\",\"name\":\"How to Financially Prepare for Retirement - Red Star Education Blog\",\"isPartOf\":{\"@id\":\"https:\/\/www.redstareducation.co.uk\/blog\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.redstareducation.co.uk\/blog\/how-to-financially-prepare-for-retirement\/#primaryimage\"},\"datePublished\":\"2023-01-02T10:14:51+00:00\",\"dateModified\":\"2023-01-02T10:14:51+00:00\",\"author\":{\"@id\":\"https:\/\/www.redstareducation.co.uk\/blog\/#\/schema\/person\/9bd136025162710bfe4a1e08e244c9f3\"},\"description\":\"Retirement should be a positive experience, not one that causes you stress or hardship. Here are some steps you can take to prepare for it...\",\"breadcrumb\":{\"@id\":\"https:\/\/www.redstareducation.co.uk\/blog\/how-to-financially-prepare-for-retirement\/#breadcrumb\"},\"inLanguage\":\"en-GB\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.redstareducation.co.uk\/blog\/how-to-financially-prepare-for-retirement\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.redstareducation.co.uk\/blog\/how-to-financially-prepare-for-retirement\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Blog Home\",\"item\":\"https:\/\/www.redstareducation.co.uk\/blog\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"How to Financially Prepare for Retirement\"}]},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.redstareducation.co.uk\/blog\/#\/schema\/person\/9bd136025162710bfe4a1e08e244c9f3\",\"name\":\"Lydia Beck\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-GB\",\"@id\":\"https:\/\/www.redstareducation.co.uk\/blog\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/836cd20e3d20a691113e600a67e8e33784c486a8af37ef1668d30a86e0fd661c?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/836cd20e3d20a691113e600a67e8e33784c486a8af37ef1668d30a86e0fd661c?s=96&d=mm&r=g\",\"caption\":\"Lydia Beck\"},\"url\":\"https:\/\/www.redstareducation.co.uk\/blog\/author\/lydiaredstaredu\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"How to Financially Prepare for Retirement - Red Star Education Blog","description":"Retirement should be a positive experience, not one that causes you stress or hardship. Here are some steps you can take to prepare for it...","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.redstareducation.co.uk\/blog\/how-to-financially-prepare-for-retirement\/","og_locale":"en_GB","og_type":"article","og_title":"How to Financially Prepare for Retirement - Red Star Education Blog","og_description":"Retirement should be a positive experience, not one that causes you stress or hardship. Here are some steps you can take to prepare for it...","og_url":"https:\/\/www.redstareducation.co.uk\/blog\/how-to-financially-prepare-for-retirement\/","og_site_name":"Red Star Education Blog","article_published_time":"2023-01-02T10:14:51+00:00","og_image":[{"width":2560,"height":1988,"url":"https:\/\/www.redstareducation.co.uk\/blog\/wp-content\/uploads\/pexels-monica-silvestre-1034597-scaled.jpg","type":"image\/jpeg"}],"author":"Lydia Beck","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Lydia Beck","Estimated reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebSite","@id":"https:\/\/www.redstareducation.co.uk\/blog\/#website","url":"https:\/\/www.redstareducation.co.uk\/blog\/","name":"Red Star Education Blog","description":"Just another WordPress site","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.redstareducation.co.uk\/blog\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-GB"},{"@type":"ImageObject","inLanguage":"en-GB","@id":"https:\/\/www.redstareducation.co.uk\/blog\/how-to-financially-prepare-for-retirement\/#primaryimage","url":"https:\/\/www.redstareducation.co.uk\/blog\/wp-content\/uploads\/pexels-monica-silvestre-1034597-scaled.jpg","contentUrl":"https:\/\/www.redstareducation.co.uk\/blog\/wp-content\/uploads\/pexels-monica-silvestre-1034597-scaled.jpg","width":2560,"height":1988},{"@type":"WebPage","@id":"https:\/\/www.redstareducation.co.uk\/blog\/how-to-financially-prepare-for-retirement\/#webpage","url":"https:\/\/www.redstareducation.co.uk\/blog\/how-to-financially-prepare-for-retirement\/","name":"How to Financially Prepare for Retirement - Red Star Education Blog","isPartOf":{"@id":"https:\/\/www.redstareducation.co.uk\/blog\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.redstareducation.co.uk\/blog\/how-to-financially-prepare-for-retirement\/#primaryimage"},"datePublished":"2023-01-02T10:14:51+00:00","dateModified":"2023-01-02T10:14:51+00:00","author":{"@id":"https:\/\/www.redstareducation.co.uk\/blog\/#\/schema\/person\/9bd136025162710bfe4a1e08e244c9f3"},"description":"Retirement should be a positive experience, not one that causes you stress or hardship. Here are some steps you can take to prepare for it...","breadcrumb":{"@id":"https:\/\/www.redstareducation.co.uk\/blog\/how-to-financially-prepare-for-retirement\/#breadcrumb"},"inLanguage":"en-GB","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.redstareducation.co.uk\/blog\/how-to-financially-prepare-for-retirement\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.redstareducation.co.uk\/blog\/how-to-financially-prepare-for-retirement\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Blog Home","item":"https:\/\/www.redstareducation.co.uk\/blog\/"},{"@type":"ListItem","position":2,"name":"How to Financially Prepare for Retirement"}]},{"@type":"Person","@id":"https:\/\/www.redstareducation.co.uk\/blog\/#\/schema\/person\/9bd136025162710bfe4a1e08e244c9f3","name":"Lydia Beck","image":{"@type":"ImageObject","inLanguage":"en-GB","@id":"https:\/\/www.redstareducation.co.uk\/blog\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/836cd20e3d20a691113e600a67e8e33784c486a8af37ef1668d30a86e0fd661c?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/836cd20e3d20a691113e600a67e8e33784c486a8af37ef1668d30a86e0fd661c?s=96&d=mm&r=g","caption":"Lydia Beck"},"url":"https:\/\/www.redstareducation.co.uk\/blog\/author\/lydiaredstaredu\/"}]}},"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.redstareducation.co.uk\/blog\/wp-json\/wp\/v2\/posts\/853","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.redstareducation.co.uk\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.redstareducation.co.uk\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.redstareducation.co.uk\/blog\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/www.redstareducation.co.uk\/blog\/wp-json\/wp\/v2\/comments?post=853"}],"version-history":[{"count":1,"href":"https:\/\/www.redstareducation.co.uk\/blog\/wp-json\/wp\/v2\/posts\/853\/revisions"}],"predecessor-version":[{"id":855,"href":"https:\/\/www.redstareducation.co.uk\/blog\/wp-json\/wp\/v2\/posts\/853\/revisions\/855"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.redstareducation.co.uk\/blog\/wp-json\/wp\/v2\/media\/854"}],"wp:attachment":[{"href":"https:\/\/www.redstareducation.co.uk\/blog\/wp-json\/wp\/v2\/media?parent=853"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.redstareducation.co.uk\/blog\/wp-json\/wp\/v2\/categories?post=853"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.redstareducation.co.uk\/blog\/wp-json\/wp\/v2\/tags?post=853"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}