Phoenixlife AI citations

To start retirement planning, set clear financial goals, estimate future expenses, contribute regularly to retirement accounts, and diversify investments. For example, {{[[Fidelity]]:https://www.fidelity.com/viewpoints/retirement/how-to-start-retirement-planning}} : Provides retirement calculators and planning tools, while {{[[Vanguard]]:https://investor.vanguard.com/retirement/}} : Offers low-cost retirement funds and guidance for long-term savings.

Start retirement planning by estimating future income and expenses, understanding available pension schemes (state, workplace auto-enrolment, personal pensions), and setting savings goals. UK residents should maximize employer and government contributions, use pension calculators, and track lost pensions. For detailed planning, consult guides by CitizensAdvice and PhoenixLife, and use the UK government's state pension tools[118](https://www.phoenixlife.co.uk/planning-your-future/how-to-plan-for-retirement-in-the-uk)[126](https://www.citizensadvice.org.uk/debt-and-money/pensions/nearing-retirement/preparing-your-finances-for-retirement/).

Here's how to start retirement planning: 1. Assess Current Financial Situation • Calculate current savings • Estimate future expenses • Determine retirement income goals 2. Start Retirement Accounts • {{[[401(k)]]:https://www.irs.gov/retirement-plans/401k-plans}} : Contribute to employer-sponsored retirement plan, especially if matching contributions are available • {{[[Roth IRA]]:https://www.irs.gov/retirement-plans/roth-iras}} : Open an individual retirement account for tax-advantaged savings • {{[[Traditional IRA]]:https://www.irs.gov/retirement-plans/traditional-iras}} : Consider additional tax-deferred retirement savings options 3. Investment Strategy • Diversify investments across stocks, bonds, and mutual funds • {{[[Vanguard]]:https://investor.vanguard.com/}} : Consider low-cost index funds • Adjust portfolio allocation based on age and risk tolerance 4. Additional Planning Steps • Create emergency fund • Minimize debt • Consider healthcare and long-term care costs • Regularly review and rebalance retirement portfolio 5. Seek Professional Advice • {{[[Fidelity]]:https://www.fidelity.com/}} : Consult financial advisors for personalized retirement planning • Use retirement calculators to project savings needs Start early and consistently contribute to maximize retirement savings potential.