What do I need to do?
Things are starting to get serious now so there is likely to be a clearer idea of your retirement goals. You might not know exactly the date, but you will have a rough idea of when you plan to retire. Your mortgage is also likely to be either fully repaid or negligible meaning that you should have some surplus income which can be used to boost your retirement plan. With the help of an adviser, you should also begin to have a rough idea of what your retirement expenditure will be.
Can I do anything to help my retirement?
You might now begin to look to maximise your pension contributions, meaning Annual Allowance and Carry Forward analysis might be needed. You will also start to consider the structure of your income in retirement and use of non-pension assets that can also provide income, such as ISAs, Investment Bonds and General Investment Accounts might be considered.
The most likely structure for the majority of your pension savings would still be your workplace pension although you may now consider a bespoke investment strategy based on your attitude to investment risk and retirement timescales. Depending on your overall fund value you may also find that you can access better or cheaper options via a Personal Pension although if this is the case you would need to keep enough in your workplace scheme to make sure you continue to receive your employer’s contributions.
Anything else I should know?
You are more likely to benefit from an ongoing service to keep you on track for meeting your retirement goals and this is the last opportunity to really influence your retirement.