What sort of lifestyle do you want in retirement? Are you already taking steps to get there, or do you feel there are more important things to worry about right now? In this episode, our host Andrea Fox joins Sarah Pennells, head of financial capability and guidance at Royal London, for the second time to discuss why retirement planning is so important – covering everything from what you need to think about before you retire, to budgeting in retirement and your options when you reach pension age. To hear more from Sarah, listen to our episode from December 2019 where we go back to basics on pensions.

How can you find more information?

Royal London recommends you seek professional independent financial advice before making financial decisions. You can learn more about the value of financial advice on our website, or visit Unbiased to find a trusted professional in your area.

You can also find lots of helpful information on retirement on the following sites:

Saving for retirement

Money Advice Service: www.moneyadviceservice.org.uk/en/categories/saving-for-retirement

Retirement planning

Royal London: www.royallondon.com/articles-guides/learn/pensions-and-retirement/retirement-planning-tools

Retirement Living Standards: www.retirementlivingstandards.org.uk

Which: www.which.co.uk/money/pensions-and-retirement/starting-to-plan-your-retirement/how-to-plan-for-retirement-a9tzg1h766h9

Royal London: www.royallondon.com/articles-guides/your-money/retirement

Pension options

Pension Wise: www.pensionwise.gov.uk/en/pension-pot-options

The Pensions Advisory Service: www.pensionsadvisoryservice.org.uk/about-pensions/retirement-choices

Budgeting in retirement

Money Advice Service: www.moneyadviceservice.org.uk/en/pensions-and-retirement/budgeting

Coronavirus support

Royal London: www.royallondon.com/coronavirus/your-finances

Money Advice Service: www.moneyadviceservice.org.uk/en/hub/coronavirus-money-guidance

This episode was recorded in July 2020 during the coronavirus outbreak. For the latest information on financial support and benefits, visit gov.uk/coronavirus.

Please note that all topics discussed in this episode can vary depending on your personal circumstances, and the value of investments can go down as well as up (meaning you could get back less than you pay in). Any figures quoted were accurate at the time of recording.