Savvy Lorna, 54, bought her first property at 18 and now owns a big house, perfect for her love of entertaining. She is married with two children, now aged 18 and 21 and when not cooking for her extended family, or watching her beloved Arsenal, she works as an administrator for a local authority. She has a good pension lined up from her job, plus a private pension. In an ideal world, she’d love to make money out of her passion for taking photos, but at the moment, she’s an enthusiastic amateur.
Lorna’s priorities: She has a good pension lined up from her job, plus a private pension, but now wants to start planning for retirement.
Ruth Sturkey, a financial planner at The Red House Consulting, says: “Lorna has a few years to plan, so she’s starting to think about this at a good time. She needs to decide what a good retirement would look like for her, what would be ideal? She may have a valuable local government pension, so should check her entitlement. She may also like to consider whether she would use her house for planning. Would she want to move somewhere smaller at retirement? She may need to take a step back and do some homework on what she can save so she can have a worry-free retirement”.
Get pensions-ready: Make a list of her likely monthly expenses in retirement. Try this Budget Planner. Check out her pension entitlement with her employer – the HR department should be able to help. For more information, check out our Learn sections for workplace pensions and private pensions.