My OpenLearn Profile
- Personalise your OpenLearn profile
- Save your favourite content
- Get recognition for your learning
Retirement planning made easy
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 Solutions, talks about some of the things you need to consider when planning your retirement and how this course can help you.
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 look at what you can do if your pension is not sufficient to cover your spending needs in retirement, and learn about the impact of divorce and bereavement on pensions and household finances.
You will explore 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:
- estimate how much money you’ll need in retirement
- understand how pensions – including the state pension – work and how much income they will offer in retirement
- understand the different options for taking money from pension pots and the pros and cons of each choice
- understand the options available should pension income not be enough to match your plans and lifestyle in retirement
- understand how events such as divorce and bereavement can impact your retirement finances and learn how to deal with them.
First Published: 18/08/2021
You can start this course right now without signing-up. Click on any of the course content sections below to start at any point in this course.
If you want to be able to track your progress, earn a free Statement of Participation, and access all course quizzes and activities, sign-up.
- Learning outcomes
- 1 Taking stock of your retirement plans
- 2 How much money will you need in retirement?
- 3 Your state pension
- 4 Taking stock of your pension plans
- 5 Your pension options
- 6 Your pension income: before and after tax
- 7 Dealing with a shortfall
- 8 Divorce and separation: The impact on pensions
- 9 Bereavement and pensions
- 10 Preparing for a long retirement
- 11 End-of-course quiz
- 12 Course round-up
- Further guidance and helpful links
Create an account to get more
Track your progress
Review and track your learning through your OpenLearn Profile.
Statement of Participation
On completion of a course you will earn a Statement of Participation.
Access all course activities
Take course quizzes and access all learning.
Review the course
When you have finished a course leave a review and tell others what you think.
Creative commons: The Open University is proud to release this free course under a Creative Commons licence.
However, any third-party materials featured within it are used with permission and are not ours to give away. These materials are not subject to the Creative Commons licence. See terms and conditions377 and our FAQs378.
Full copyright details can be found in the Acknowledgements section of each week.
For further information, take a look at our frequently asked questions which may give you the support you need.Have a question?
Making the decision to study can be a big step, which is why you'll want a trusted University. The Open University has 50 years’ experience delivering flexible learning and 170,000 students are studying with us right now. Take a look at all Open University courses.
If you are new to University-level study, we offer two introductory routes to our qualifications. You could either choose to start with an Access module, or a module which allows you to count your previous learning towards an Open University qualification. Read our guide on Where to take your learning next for more information.
Every year, thousands of students decide to study with The Open University. With over 120 qualifications, we’ve got the right course for you.
About this free course
4 hours study
Level 1: Introductory
Download this course
Free statement of participation on completion of these courses.