Five key steps people reaching retirement age this year should take

dailyrecord.co.uk:

Planning for your retirement can never start too early and if it’s closer than you realise, you may need to set aside some time now to make sure everything is in order.For many people, retirement is something they look forward to and work towards for decades.

It is seen as the stage in life for people to take a step back from working life, relax, and spend their time doing what they enjoy most.

However, the reality of retirement can often be rather different to these visions of stress-free, later-life fun. Mark Gregory, Founder and CEO at Equity Release Supermarket, explains: “We are aware that loneliness, lack of mobility, and boredom are common causes of depression in later life.

However, with the current cost of living crisis and alarming increase of energy bills, many people in, and preparing for, retirement, are facing significant financial stress that may be contributing to their overall wellbeing and mental health.” To help people prepare for retirement, the experts at Equity Release Supermarket have shared their tips for addressing common issues in retirement before they begin.After spending decades contributing to your pension fund, it is important to review how much money you have saved for your retirement and then create a plan around this.First, consider the big expenses you are likely to make throughout retirement based on your goals.