Any other wealth earmarked for retirement such as endowments or other savings.Long-term UK and international savings plans.Your UK defined benefit or final salary pensions.Your UK State Pension entitlement, check your State Pension here.They will also discuss other key areas of wealth to use in retirement, including: The art of a good retirement plan is generating a stream of income as tax efficiently as possible.ДЄ retirement adviser wonвЂ™t just focus upon UK pensions. I n retirement, income can be generated from your wealth portfolio. Think about your additional retirement income sources Plan carefully, and ensure you account for the effect of inflation.

That means you should plan a higher income for 15 years of retirement, but then have lesser needs for your elder years. Plan your retirement into age-sections.ДЇor example, you may consider retiring at age 60, but expect to have a much more modest lifestyle by age 75. However, for most, the earlier years are the most important. Your target retirement age may not be achievable if you need a high income for the rest of your life. When planning your retirement income needs, think about how your needs may change over time. Even UK residents without taxable earnings can contribute to pensions and gain tax relief.

Those with a UK-resident spouse can also plan family UK pension contributions. If youвЂ™re resident in the UK or planning on returning to the UK for retirement, consider making more UK pension contributions. UK residents can benefit from tax relief on pension savings. If you donвЂ™t live in the UK, you will probably have non-UK pensions and other savings to consider. Our retirement savings calculator helps you to work out how much you should be saving each month to meet your goals. If you need to increase your retirement savings, head to our Retirement Savings Calculator.

Retirement date calculator