So, you’re about to retire. This can be an exciting time of life, where you start to be able to put more emphasis on spending your time the way you want to.

However as you move into this new stage, there are some important financial steps you might like to consider.

Make a plan

As with any life change, moving into retirement can be a big adjustment. Having a plan can help to make the process easier. This could include things like how you might like to spend your time, or how you’ll approach stepping back from work. Who will you spend time with? Where will you live?

Some people find that moving to part-time work before stopping entirely can feel more comfortable than an abrupt end to their working lives.

Spending some time at the outset thinking about the things you’ll need to have ready, could really pay off.

Review your savings

It will be helpful to assess your investments and savings. How much do you have available to you? How much are you likely to need to be able to sustain the sort of lifestyle you’d like in retirement?

Aim to put together an overall picture of your savings and investments to give you a good sense of what you have accumulated. You may want to schedule in an annual checkup, perhaps with the help of your SHARE adviser.

Consider your changing health needs

As you get older, your health needs may change. Health insurance can be particularly useful in this stage of life. While our public health system is great for acute health needs, people can sometimes find they end up on a waiting list for less urgent treatment, and this can affect their quality of life. Health insurance can sometimes mean you can access treatment more quickly.

Your SHARE insurance adviser can help you to work out what sort of health cover might be appropriate in your situation, and how you can keep it budget friendly as you get older.

Create a sustainable income plan

You’ve spent years saving for retirement – and now is your chance to benefit from that. A sustainable income plan can help ensure your money lasts as long as you need it to.

Your SHARE adviser can work through this with you, and there are online calculators that can help you to estimate how much of a lump sum might be drawn down each year to make it last. The Society of Actuaries also provides reports with general guidelines and “rules of thumb” for decumulation.

Depending on how many years you expect to draw form your savings, you might decide that having a mix of investment assets could help provide some continuing growth while you don’t need to access all the funds. Talking to your SHARE adviser can help you assess what approach is right for your circumstances.

Review your estate planning

Now might also be a good time to think about your estate planning, including your wills and who you have chosen as beneficiaries. It’s hopefully many years before these things are needed, but it’s usually helpful to get them in place early. Your lawyer will likely be well-placed to help with this.

You might also like to think about setting up an enduring power of attorney so that someone else can act on your behalf, should it be necessary.

We’re here to help

Retirement can be a big adjustment, but you don’t need to make it alone. The team at SHARE is here to help with the financial decisions you may be facing, and any planning that needs to be done to set you up financially for a long and happy retirement.

Disclaimer: Please note that the content provided in this article is intended as an overview and as general information only. While care is taken to ensure accuracy and reliability, the information provided is subject to continuous change and may not reflect current developments or address your situation. Before making any decisions based on the information provided in this article, please use your discretion and seek independent guidance.