Your retirement checklist: where to start beyond the numbers

We’ve had a huge number of downloads of our Retirement Decisions Checklist recently.

If you haven’t got your free copy yet, you can download the retirement checklist here.

Please also feel free to share that link with friends or colleagues who are approaching retirement. Hopefully, it will help them start some useful conversations too.

The checklist covers seven financial decisions, plus one that isn’t about money. And although it comes towards the end, that’s the part I’d encourage you to begin with.

Because alongside “Can I afford to retire?” sits another question:

“What am I actually going to do when I get there?”

Start with “The one that isn’t about money”

It’s easy to picture the first few weeks of retirement. A holiday, a few lie-ins and the satisfaction of switching off the alarm.

But what about six months later, on an ordinary Tuesday in November?

Work can give us routine, company, responsibility and a sense of being useful. You can be ready to leave your job and still miss some of those things.

You don’t need to have every day planned. But it’s worth thinking about what you’re looking forward to, what you might miss and how you’d like your weeks to feel.

Here are a few ways to make that part of the checklist more practical.

Talk to your partner before assuming you want the same things

If you’re in a relationship, each write down what a good week in retirement would look like. Then compare your answers.

One of you might imagine regular travel. The other might want more time at home, seeing friends or helping with grandchildren.

Better to discover that before someone buys a campervan.

Talk about when you each want to finish work, how much time you’d like together and what you want to do independently. Discuss any worries too.

And think about family expectations. Being retired doesn’t automatically mean you want to become the available person for every school run, delivery and favour.

If you’re planning retirement on your own, consider who you’d like to see regularly and how you’ll make those connections part of your week.

Take a week off and stay at home

Consider giving retirement a small trial run.

Take a week off without booking a holiday or filling every day with jobs around the house.

Try the weekday walking group. Meet a friend for lunch. Spend a morning doing something you never normally have time for. Leave some space in the diary.

Notice what you enjoy and what feels less comfortable.

Are you happy with the slower pace? Do you miss having somewhere to be? Are the people you want to see available during the week?

A week off won’t fully recreate retirement, but it can help you test your expectations.

Write three things-to-look-forward-to lists

Start with:

• Things you want to do more often.
• Things you’d like to try.
• Things you don’t want to keep putting off.

Include the everyday pleasures as well as the bigger ambitions. Reading, walking and seeing friends deserve a place alongside travel plans.

Then pick one thing you could start now.

You don’t have to wait until your final day at work to begin building the life you want afterwards.

Explore phased retirement

You might want less work without wanting to stop completely.

Depending on your circumstances and what your employer can accommodate, fewer days, shorter hours or a different role could be worth exploring. If you’re self-employed, you might consider gradually reducing your workload.

Ask yourself what you’d gain from keeping some work and what you’d gain from having more time.

The financial implications need checking too. A change in earnings, pension contributions or withdrawals can affect your options, so investigate both the practical arrangements and the numbers before committing.

Return to Decision 1: “Start with spending, not the pension pot”

Once you have a clearer idea of the life you want, put some estimated costs alongside it.

What would an ordinary month cost? What would you need for holidays, hobbies or occasional expenses such as replacing a car?

Would you like to spend more on travel in your early retirement years? Could working fewer days give you enough freedom without stopping completely?

Start with what you actually spend now, then consider what might change.

This gives your retirement budget a purpose. You’re working towards a life you can picture, with costs you can begin to assess.

Use Decision 7 to test your assumptions

“Stress-test the plan before you hand in your notice” is another useful section to revisit.

Alongside the financial questions, consider what happens if your preferred retirement doesn’t unfold exactly as expected.

What if one of you finishes work earlier? What if you want to spend more in the first few years? What if part-time work isn’t available?

You don’t need to predict everything. You’re identifying which assumptions need checking and where some flexibility would help.

Finish with three next actions

Use the checklist’s results page to identify your gaps, then choose three manageable actions.

For this month, that might mean having the conversation with your partner, writing a first spending estimate and investigating reduced hours at work.

Tick what you’ve genuinely dealt with. Leave unanswered questions visible — those are useful starting points for further planning.

What would an initial meeting involve?

At Clarity Wealth Limited, an initial meeting is a chance to talk about your circumstances, what you want retirement to look like and the questions you haven’t yet answered.

You’re welcome to bring your checklist. You don’t need to have everything worked out first.

We work with clients across the UK, so meetings can take place over Microsoft Teams or face to face at our Leeds office, whichever suits you best. If you’re planning retirement as a couple, it can be useful for both of you to join the conversation.

We’ll discuss whether we can help, explain how we work and make any fees clear before you decide whether to proceed.

You can book a free, no-obligation initial call with us here.

For now, start with what you’re looking forward to. That’s worth making time for.

Richard Platt
Founder, Clarity Wealth Limited

This article provides general information only and is not personal financial advice.