Retirement planning checklist for UK homeowners
Written and reviewed by the Later Life editorial teamUpdated 4 min read
Retirement planning means knowing what income you will have, what you are likely to spend, and what your home and paperwork need to do for you. This checklist sets out the main things UK homeowners approaching or in retirement often check, in a practical order, with links to fuller guides. It is information, not financial advice.
How to use this retirement planning checklist
Work through one section at a time. Tick off what you already know and note what you still need to find out. It helps to keep everything in one folder: pension statements, mortgage paperwork, bank and savings details, insurance policies and any legal documents.
You do not need to finish it in one sitting. Some items take a single phone call. Others, such as tracing a pension from an old job, can involve letters back and forth. If you are helping a parent, go through it together so they stay in charge of their own decisions.
1. Your State Pension
- Check your forecast. The free Check your State Pension forecast service on GOV.UK shows how much you may get and from when.
- Look for gaps. Your National Insurance record decides your State Pension. You can usually pay voluntary contributions to fill gaps from the past six tax years, if doing so would increase your pension.
- Note your State Pension age. It is rising from 66 to 67 between April 2026 and 2028, so your exact date depends on when you were born. GOV.UK has a checker.
- Remember to claim. The State Pension is not paid automatically. You will usually get a letter before you reach State Pension age explaining how to claim.
You normally need at least 10 qualifying years on your National Insurance record to get any new State Pension. If you had no record before 6 April 2016, you need 35 qualifying years for the full amount, which is £241.30 a week in the 2026 to 2027 tax year.
2. Workplace and personal pensions
- List every pension, including ones from past jobs. The free Pension Tracing Service can find contact details for a scheme. It cannot tell you whether you have a pension or what it is worth.
- Know which type each one is. A defined benefit pension pays a set income based on your salary and years of service. A defined contribution pension is a pot of money that you build up and then decide how to use.
- Check when you can take money out. The normal minimum pension age is 55, rising to 57 from 6 April 2028. Up to 25% of a pension is usually tax-free. Our guide to pension options at 55 covers the choices.
- Book free guidance. Pension Wise offers free guidance to people aged 50 or over with a defined contribution pension.
3. Your home and any mortgage
- Is there still a mortgage? Note the balance, the end date and whether it is repayment or interest-only. An interest-only balance has to be repaid when the term ends. Retirement mortgages are one of the ways some people deal with a mortgage running into retirement.
- Does the home still suit you? Think about stairs, the garden, heating bills and how far you are from family, shops and a GP.
- Could the home help fund retirement? Selling and moving somewhere smaller can free up cash but brings moving costs and upheaval. Equity release, available from age 55, lets you stay put, but the debt grows over time and reduces what you can leave.
- Check your buildings insurance and set aside money for repairs. Roofs and boilers do not wait for a convenient moment.
4. Savings, debts and benefits
- List debts such as credit cards, loans and car finance, and when each will end.
- Keep an emergency fund in an account you can reach quickly.
- Sketch a rough budget of essential and optional spending, so you can see whether your income covers it.
- Check benefits. Pension Credit can top up a low income once you reach State Pension age. Savings above £10,000 reduce it. Attendance Allowance is not means-tested and depends on the care you need.
5. Legal paperwork
- Make or update your will, particularly after a marriage, divorce or death in the family.
- Set up lasting powers of attorney (LPAs). There are two types in England and Wales, one for property and financial affairs and one for health and welfare. Each costs £92 to register, with reductions for some people. Our guide to lasting power of attorney explains the process.
- Tell someone you trust where your documents are kept.
6. Thinking ahead to care
Nobody knows whether they will need care. It still helps to know how it is paid for, how your local council assesses what you can afford, and whether your home could be counted. Deciding early which savings you would keep for this can take pressure off later.
When to get help with retirement planning
This checklist shows what to look at. It cannot tell you what to do. For free, impartial help, Pension Wise and MoneyHelper can explain your pension choices. To see how pensions, savings and property options fit together, our later life finance guide compares them side by side.
If you would like a personal recommendation, particularly where your home, a large pension or tax is involved, consider speaking to an FCA-regulated financial adviser. We do not provide financial advice.
Frequently asked questions
When should I start working through a retirement planning checklist?
There is no fixed age, but many people find their 50s a practical time, because pension access, State Pension forecasts and mortgage end dates start to matter. It is still useful if you have already retired. Going through the checklist shows what you already know and what you need to find out, such as a lost pension or an out-of-date will.
What documents help with retirement planning?
Useful papers include pension statements, your State Pension forecast, mortgage statements showing the balance and end date, bank and savings details, insurance policies, and any will or lasting power of attorney. Keeping them in one folder makes it easier to see the whole picture and to share it with an adviser or family member if you choose to.
How can I find a pension from an old job?
The free Pension Tracing Service on GOV.UK can give you contact details for a workplace or personal pension scheme if you know the employer or provider's name. It will not tell you whether you have a pension or what it is worth. You then contact the scheme directly, giving your National Insurance number and dates of employment.
Does retirement planning have to include my home?
Not necessarily, but for many homeowners the home is a major part of their wealth, so many people find it useful to know where it stands. That means knowing whether any mortgage is left, when it ends, whether the home will still suit you, and whether it could help fund retirement through downsizing or equity release. Each option has costs and affects inheritance.
Is a retirement planning checklist the same as financial advice?
No. A checklist helps you gather information and spot gaps, but it does not tell you what to do. Free services such as Pension Wise and MoneyHelper explain your options. If you want a personal recommendation, an FCA-regulated financial adviser can assess your circumstances and must make sure any recommendation is suitable for you.
