Free course

Retirement planning made easy

Free statement of participation on completion
Retirement planning made easy

Please note: We are currently working on updating this course and a newer version will be available at the same link on Thursday 19 August 2021. As a result, this current version will be deleted from OpenLearn on Wednesday 18 August 2021, so if you are currently studying this course, please make sure you complete the course and download your statement of participation before this date. You can however, study the new course and receive a new statement of participation upon completion.

This free course on money and retirement planning has been produced by The Open University in collaboration with Legal & General.


Planning your retirement is probably the most important aspect of financial planning for you to consider. Making the right decisions and building a sound financial plan can help to ensure that you have the quality of life in retirement that you aspire to.

Watch the following video in which Emma Byron, Managing Director of Legal & General Retirement Income, talks about some of the things you need to consider when planning your retirement and how this course can help you.

Transcript355

This course sets out the series of stepping-stones to a financially secure retirement. As Emma explains, most people approaching retirement now have more options both about when to retire and about how they use the pension 'pots' they have built up. This course examines these options to help you decide with confidence which are right for you.

You'll also look at what you can do if your pension is not sufficient to cover your spending needs in retirement.

You will learn through a mixture of reading, short videos and activities, and there's a quiz at the end for you to check your understanding.

Please note: the content of this course relates to the UK, although there are some parts that generally apply when planning for retirement, such as forecasting your expected spending and identifying all the sources of pension income.


Course learning outcomes

After studying this course, you should be able to:

  • prepare a budget for retirement
  • understand how pensions – including the state pension – work and how much money they will offer
  • understand the different options for taking money from pension 'pots' and the pros and cons of each choice
  • understand the options available should a pension income be short to meet any plans and aspirations in retirement
  • know what other arrangements need to be made to manage financial affairs later in life.

First Published: 26/08/2020

Updated: 26/08/2020