How to save for retirement

Action Plan:

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It doesn't look like you'll be able to rely on the state, so it's vital you put your own retirement plans in place. We help you find the best way to save for retirement so you can enjoy it.

		a	Find out: When will you be able to claim a state pension?
		b	Find out: When will you be able to claim a company pension?
		c	Work out: When will you be debt free?
		d	Work out: What age can you retire?

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		a	Find out: Do you have a company pension?
		b	Find out: Do you have pensions with previous employers?
		c	Find out: Have you paid Additional Voluntary Contributions (AVCs)?
		d	Find out: Do you have any pension entitlements overseas?
		e	Do: Get a pension forecast
		f	Do: Get a state pension forecast
		g	Work out: What will your pensions be worth when you retire?

		a	Find out: What is your investment portfolio worth?
		b	Find out: How much do you have in savings accounts?
		c	Find out: What is your house worth?
		d	Decide: Do you have any valuable assets you would consider selling?

		a	Do: Get all of your paperwork together
		b	Work out: How much do you spend on compulsory expenses?
		c	Work out: How much do you spend on essentials?
		d	Work out: How much do you spend on luxuries?
		e	Consider: Do you need to budget for any big expenses?
		f	Work out: How much do you spend each month?

		a	Consider: How do you want to spend your retirement?
		b	Work out: How much will you need to live on when you retire?
		c	Work out: How many years of retirement will you need to fund?
		d	Work out: How much will retirement cost you?

		a	Decide: Should you speak to an IFA?
		b	Work out: How much should you be saving for your pension?
		c	Do: Be realistic
		d	Do: Set up a pension plan if you don't have one
		e	Consider: Should you add to your pension?
		f	Consider: Should you make AVCs?
		g	Consider: Should you build your retirement savings in an ISA?
		h	Consider: Could you invest in property?
		i	Consider: Could alternative investments help to fund your retirement?
		j	Consider: Could equity release help fund your retirement?

		a	Work out: Work out how much you have coming in each month
		b	Consider: How can you earn extra money?
		c	Work out: Do you spend more than you earn?

		a	Decide: Do you need to cut back?
		b	Do: Write a spending budget
		c	Find out: Can you cut your compulsory expenses?
		d	Find out: Can you cut the cost of your essential outgoings?
		e	Do: Prioritise your extras
		f	Find out: Can you get your luxuries for less?
		g	Do: Keep a spending diary
		h	Consider: How can you change your spending habits?
		i	Work out: Are you sticking to your budget?
		j	Decide: Should you put spare cash towards your pension?
		k	Do: Work towards becoming debt free

		a	Do: Plan an annual pension review
		b	Do: Reclaim higher rate tax relief