AGES 20 AND UP!
ll need:
u wi
o
y A die
Wha
t
THE RETIREMENT
PLANNING GAME
Player counter
s
Pensions expert Baroness Altmann recently said
that retirement planning should be more ‘fun’ and
engaging, so with that in mind we’ve created the
Retirement Planning Game!
Even though you’re likely to have
other financial concerns in your 20s,
try to “make retirement saving a habit,”
recommends financial author
Michael MacMahon
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You’re
3
d
Get your
20!
(Time to start)
4
first job
(Roll again)
5
“Take time to enjoy yourself but think
about how you can have a good time
without blowing the budget,” says
retired financial expert Eric Marshall
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hitting
7
d
Receive a
pay rise
30!
(Roll again)
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Think about
getting a life
insurance
or income
protection
policy to
protect
yourself and
your loved
ones
When you
join your work
pension
scheme, your
employer will
also pay in,
helping you
increase your
pension pot
Try to increase your pension
payments to match your employer’s
maximum contribution
12 Buy
your first
house
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14
(Move forward
one space)
Regularly review your pension pot
alongside your general savings. Work
out what you can afford now to help
reach your target retirement income
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Review
your funds
(Roll again)
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here’s
40!
d
Receive a
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Get a
new job
pay rise
(move forward
one space)
(Roll again)
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“When you get
a pay rise, up
your saving
amount. When
setting up
a pension, start
at a level that
will make a
difference,” says
Eric Marshall
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Keep track of your existing pension pot if
you move jobs. You may be able to either
start a new pot or combine the new and
the old into one fund
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and
50!
26 Repay
“Take stock of where you are financially and what
your objectives are for your retirement, and don’t
be afraid to ask for expert help,” says independent
financial adviser Philip Pearson
You’rE
In your 60s
you should start
thinking about
how you want
to access your
pension
19% of retirees
have, or plan
to downsize
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your
mortgage
(Move forward
one space)
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60!
at
55
You can take
out your
pension
(Nearly there)
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Overpaying a
mortgage
just by a small
amount each
month can
leave you with
a far greater
share of equity
in the future
If you’re over 55, you can choose
to take money out of your pension
pot, whether that’s all of it, small
sums, or enough to fund an annuity
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Downsize
your home
(Move forward
one space)
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Reduce
your
hours
(Move forward
one space)
“Phased retirement gives you a social aspect
and an intellectual challenge,” comments
Tim Middleton, the Pensions Management
Institute’s technical consultant
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Want to
know your
Options?
Ask the LV=
Retirement Wizard
Retirement
After retirement,
there are more
options open to
you, such as
equity release
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