Retirement & Pensions Checklist: The Definitive Guide for Seniors

This Retirement & Pensions Checklist by Compare the Market (opens new window) provides a simple but comprehensive breakdown of:

  1. Financial products to consider, like life insurance

  2. The different types of pensions

  3. How to handle a mortgage in retirement - and if you should pay it off

  4. Dealing with debts and repayment plans

  5. Budgeting for retirement

Here are some of the stats and insights they delve into:

  • If you don’t already have a life insurance policy, consider getting one - some insurers set a limit of around 75-80 years old.

  • Make sure you claim your State Pension - just because you’re eligible, you won’t be paid automatically. For men born after 1951 and women born after 1953, the full New State Pension is £179.60 per week.

  • Retirement interest-only mortgages are a great option, as you only pay interest on the debt. Lenders normally let you borrow 50-70% of the value of the home.

  • There are several methods to paying off debts, including the Avalanche Method, which focuses on paying off debts with the highest interest rates first.

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