Getting advice on planning for your retirement comes from nobody better than from people who are already retired. Here are some tips from retirees:

Tip 1. Regularly Review Your Retirement Investments 

The nature of investments makes them challenging to predict. To ensure you’ve got sufficient returns accumulating for your retirement, you should review your investments regularly. Leaving them unchecked means that you could lose money, and that is harder to recoup. Consider how predictable an income you need, as the higher the predictability, the less the return. 

Tip 2. Accept Inflation as Part of Life

Rising prices are going to erode the buying power of your retirement funds. You will need to factor this into your plans for retirement.

Tip 3. Discuss Retirement Spending With Your Partner

Be realistic and open with your partner about what you can spend when you retire. There is little point in being on different wavelengths regarding spending, as this can lead to stress. Just as you discussed other significant financial aspects of your life, such as buying a home, do the same with your retirement finances.

Tip 4. Prioritise Your Health 

Costs of healthcare are high, so you must focus as much on your physical health as your financial well-being. Many people fail to consider healthcare costs in their retirement plans, despite constant reminders in the press and news media.

Tip 5. Create a Budget And Stick To It

The best way of managing your retirement fund is to create a budget and stick to it. However, many people fail to do this vital piece of financial planning. If you’re not confident in producing a budget by yourself, seek the help of a professional. Once you’ve made your budget, the critical aspect is to be disciplined and stick to it.

Tip 6. Get Advice From An Investment Professional

If you want advice on getting fit, you’d probably talk to a fitness instructor. Likewise, when you’re sick, you go to the doctor. The same principle should apply to your investments. Work with an investment professional to maximise the return on investment for your retirement funds. The best way to find a good one is through recommendations, so ask family and friends if they know anyone.

Tip 7. Be Wary Of Travel Expenses

You might dream of travelling the world when you retire, and there is no harm in doing so. However, be aware that it’s more expensive to travel when you’re older. Young people might not mind sleeping on an airport floor for a night, but retirees might choose a hotel option. Ensure you maintain the strict budget ethos you’ve fostered for home when you set out on your retirement travels.

Tip 8. Get Free From Your Mortgage

Your home is the most important asset you’ll have. It can also be the most considerable expense. Getting free from your mortgage before you retire will remove a significant financial burden from your shoulders. Living ‘rent-free’ during retirement should be one of your main aims.

Tip 9. Extend Your Working Life

An obvious way to get some extra funds for your retirement is to extend your working life. Carrying on work for a few extra years can significantly increase your pension pot. It also gives you some additional years to pay off your mortgage and financially prepare for your retirement.

Tip 10. Add a Little Extra to Your Planned Figure

Regardless of the amount of budgeting and financial planning you do for your retirement, you can expect to spend a bit more. Inflation and unforeseen expenses mean that you should add a little extra to the planned figure you need for your retirement. 


Following some or all of these tips will go a long way to help you better plan for your retirement. There is no time like the present to put these plans in motion. So, get started planning today to ensure you have as comfortable a retirement as possible. When looking at options for your pension, consider using a regulated financial adviser like Portafina or, view the info at Pension Wise.