50s/60s life stage

If you are on the home stretch towards retirement, it may look as if the race has already been run: you have a pension gap and there is little you can do about it.  Clearly, you don’t have the same full range of options that a much younger person has but there is a still a lot you can do.

Here are some initial ideas:

  • Stop thinking about retirement as being an event that occurs at a fixed point in time, and start thinking of it as a transition from work to retirement that may go through several stages.
  • Extending your working life, even if not in your current job, will reduce your pensions gap because you generate extra cash and reduce your need to take early chunks out of your pension pot.
  • Br retiring later, you can increase the size of your pension that you will eventually receive by more than you might think.  This is caused by the pensions turbocharger effect which is explained in the book and elsewhere on this site.  (Be careful, the turbocharger can work reverse and damage your pension if you decide to retire early).
  • Start making sure you have all the information you need about all the pensions you have built up through your working lifetime.

The most important thing of all is to dredge up any old notions that you had about retirement and start thinking proactively about the subject.  What do you think about work and when it should wind down?  What do you really want to do in retirement?  How can you juggle these thoughts with your financial situation to get the best result?

The book covers all the above in much more detail: also look out for relevant articles as they are published and think about registering and downloading our action plan.

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