Checklist for planning your retirement

Retirement can happen at any age but reaching it in great financial shape requires thoughtful planning.

Whether you’re in your 20s, 40s, 50s, or 60s, this guide offers practical tips to help you prepare for a secure and enjoyable future.

We won’t tell you how much you should save – everyone’s financial situation is unique. What matters most is how you manage and grow the money you set aside.

Here’s a decade-by-decade checklist to guide your retirement planning journey.

How to plan for retirement in your 20s

The sensible starters’ decade

Your 20s are often a time of newfound financial freedom, as you begin your career and experience the power of earning and spending. While retirement may feel far away, starting early can make a huge difference.

What to do in your 20s:

Create a financial action plan

Set a monthly budget to understand how much you can save.
Join your workplace pension scheme

If your employer offers a pension scheme with matching contributions, take full advantage of it.
Start saving regularly

Take this opportunity to start saving money – even small amounts add up over time.

The 20s mantra: watch your spending and save when you can.

How to plan for retirement in your 30s

The serious savers’ decade

Your 30s are about building on the foundation you’ve started – or catching up if you haven’t. With increased earning potential, it’s time to focus on growing your savings.

What to do in your 30s:

Boost your pension contributions

Add an extra 1% of your salary to your pension pot. Consider doing this every time you get a pay rise – before you even get the extra money, so you don’t miss it.
Embrace new technology

Use online money management tools or try our retirement lifestyle calculator to stay on top of your financial goals.
Maximise your ISA (Individual Savings Account) allowance

If eligible, you could save up to £20,000 tax-free in an ISA (2025 to 2026 tax year). This limit remains for the 2026 to 2027 tax year. Any returns will be free from UK income tax and capital gains tax. The value of any tax benefits mentioned will depend on your circumstances, and tax rules could change in the future.

Explore: Should you invest in a pension or an ISA?

The 30s mantra: it’s time to stash some cash.

How to plan for retirement in your 40s

The powerful players’ decade

Your 40s are often a time of peak earning potential. It’s also a critical period to assess your financial health and adjust to stay on track.

What to do in your 40s:

Be tax-savvy

If you’re a higher-rate or additional rate taxpayer, consider paying a contribution to your pension to save tax by bringing your income into a lower tax bracket. This could also be relevant at different ages as well. Again, the value of any tax benefits will depend on your circumstances, and tax rules could change in the future.
Consider investing

A pension isn't the only way to plan for retirement. Investing is a non-pension option that can help grow your retirement funds. Remember – the value of investments can fall as well as rise, and you could get back less than you invest.
Set up a separate savings or investments pot

You may want to put some money aside for your family's future or a lifelong dream you want to pursue.

Explore: How much do you need to retire?

The 40s mantra: inject some extra rocket fuel into your savings plan.

How to plan for retirement in your 50s

The financial-focus decade

In your 50s, retirement goals start to feel real. This is the time to fine-tune your plans and maximise your savings.

What to do in your 50s:

Review your retirement plans

Make sure you have a clear picture of what you want your retirement to look like. Our retirement calculator can give you an indication of whether you’re on track.
Close any gaps

Check your state pension forecast to see how much state pension you could get. You can also check your National Insurance record to see if you have any gaps and whether you’d benefit from paying voluntary contributions to fill them.
Be tax-savvy again

If you have a partner and one of you expects to be a higher-rate taxpayer in retirement and one of you expects to be a basic-rate taxpayer, consider boosting the pension pot for the one who expects to be a basic-rate taxpayer. Once again, the value of any tax benefits will depend on your circumstances, and tax rules could change in the future.
Combine pension schemes

Consolidate pensions if it makes financial sense but watch out for exit fees or lost benefits.
Plan your estate

Look into inheritance tax planning to see how you could protect your assets.

The 50s mantra: keep your eyes on the prize.

How to plan for retirement in your 60s

The live-life decade

Your 60s are about transitioning into retirement on your terms. With proper planning, this can be a time of freedom and adventure.

What to do in your 60s:

Create a retirement budget

Review your current monthly expenses to help you budget. Think about which costs might change. For example, commuting expenses may fall, while heating bills and hobbies like travel, may rise.
Consider semi-retirement

Working part-time can keep you active and socially engaged while supplementing your income.
Plan for the fun stuff

Whether it’s travelling, learning a new skill, or spending time with family, now’s the time to make it happen.

Explore: How to manage your pension pot in retirement

The 60s mantra: look forward to your future and enjoy the journey.

Retirement planning doesn’t stop here. Share this guide with someone starting their retirement journey – it’s never too early to plan for the future.

This article was last updated: 31/03/2026, 11:03

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