Wealth of Advice, Swale House, Mandale Business Park, Durham, DH1 1TH
Retirement is one of the biggest transitions in life – and being financially ready is only part of the picture. In this episode of the Wealth of Advice podcast, we explore not only the key financial steps you need to take, but also the emotional and psychological preparation that’s often overlooked.
In this post, we’ll walk through the key steps to take, common challenges to expect, and how to build a retirement that’s not just secure but fulfilling as well. You can watch our podcast Retire Well with Wealth of Advice below for a more in depth look, or keep reading if you'd prefer a high-level overview.
Before diving into the lifestyle side of retirement, it’s essential to ensure your financial foundations are solid.
Make sure you have a clear understanding of:
Start by tracking your current spending then ask:
Many people underestimate how much they’ll spend in the early “golden years” of retirement. Planning for a higher initial spend can help you enjoy those years without worry.
Once you know your expenditure, match this to your income sources:
Retirement can last 30 years or more. Make sure your plan is built to last:
If you're planning to retire before your State Pension kicks in, check whether you need to top up your National Insurance contributions to maximise your entitlement.
Once you’ve sorted the numbers, it’s time to focus on the lifestyle shift.
Setting a date makes things real. Will you stop working completely, or phase out gradually? In either case, can you make the most of final pension contributions before you go?
Retirement brings freedom – but it can also bring a lack of structure. May people struggle with:
Think about:
If you and your partner are retiring at different times, talk about:
Retirement is a team effort, and communication is key.
Retirement doesn’t have to be a hard stop. Many people:
The key is to design a retirement that works for you - not just financially, but emotionally too.
Preparing for retirement is about more than numbers. It’s about creating a life you’re excited to live. With the right planning, you can retire with confidence, purpose, and peace of mind.
At Wealth of Advice, we help people like you prepare for retirement—financially and emotionally. Whether you’re five years away or already retired, we’ll help you build a plan that fits your life.
Book a free consultation today and take the first step toward a retirement you’ll love.
If you want a better view of what your future could be, we'll have a chat and work out if we make a good fit for you and your financial picture.
Wealth of Advice are authorised and regulated by the Financial Conduct Authority, reference number 563909. This website is for information purposes only and is not personal advice.
We are committed to providing products and service of the very highest standards. If you feel that we haven't lived up to your expectations in any way, however, we would like to know so we can put things right for you. If you have a complaint, make sure you contact us directly. Accordingly, we will do all we can to resolve your complaint by the end of the next business day. However, if we can't do this, we will write to you within five working days to tell you what we have done to resolve the problem, or acknowledge your complaint and let you know when you can expect a full response. Furthermore, if we haven't issued our response within eight weeks from the date you first raised your complaint, or if you're dissatisfied with our response, you can ask the Financial Ombudsman Service - www.financial-ombudsman.org.uk - for an independent review. The Financial Ombudsman Service will only consider your complaint once you've tried to resolve it with us, so please take up your concerns with us first and we'll do all we can to help.
Wealth of Advice Ltd is a company registered in England and Wales, company number 07709624.
VAT Number: GB131946515