7.2.6 Financial planning when saving for retirement

This quiz tests what you've learned about financial planning when saving for retirement.

Activity 1

Dibyesh is in his 30s and is using the financial planning model to help him plan ahead for retirement.

Which one of the following would Dibyesh do in Stage 1 of the financial planning model (‘Assess the situation’)?

Choose a personal pension with SIPPly Pensions Ltd

Work out that saving £250 a month could provide the amount of retirement income he wants

Think about how much he might want to spend in retirement

Check to see how his pension savings are growing

Which one of the following would Dibyesh do in Stage 2 of the financial planning model (‘Decide on financial plan’) when planning for retirement?

Check his state pension age

Check how much pension he might get from an old employer’s pension scheme

Look at the pros and cons of saving through a pension plan or saving through an individual savings account

Use a comparison site to compare personal pension plans from different firms

Which one of the following would Dibyesh do in Stage 3 of the financial planning model (‘Act on financial plan’) when planning for retirement?

Go to a financial adviser for help choosing a pension provider

Get a state pension statement to see how much state pension he might get

Check his budget to see how much he can afford to save

Work out the gap between the retirement income he wants and the pension funds he has built up so far

Which one of the following would Dibyesh do in Stage 4 of the financial planning model (‘Review the outcome’) when planning for retirement?

Complete an application form to start a personal pension plan

Set up a direct debit to start paying into a pension plan

Decide which investment funds his pension contributions will be invested in

Check whether he should alter the amount he saves each month following an increase in his state pension age

OpenLearn - Managing my money
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