For many, the prospect of retirement, often envisioned as a period of newfound freedom and reward, is overshadowed by a looming financial anxiety. A recent YouGov survey of 6,224 UK adults revealed that a significant 55 per cent are concerned about outliving their savings, with a striking 63 per cent of these worried individuals being under the age of 50.However, navigating the transition from regular income to relying on pensions and savings doesn't have to feel like teetering on a financial precipice. The good news, according to experts, is that avoiding this cliff-edge isn't about possessing extraordinary wealth, but rather about making informed decisions both before and throughout retirement.Susan Hope, a retirement expert and business development director at Scottish Widows, has outlined nine practical steps designed to help individuals build a robust retirement plan. Her advice aims to foster confidence and ensure retirement years are marked by peace of mind, not financial stress.1. Understand your state pension and credits "Make sure the cornerstone of your financial retirement income is covered by the state and you’ve got everything you’re entitled to," advises Hope. She recommends using the HMRC app to quickly ascertain your state pension age and projected entitlement. "Another important thing to look at on the app is a year-by-year breakdown of your national insurance contributions." Hope suggests reviewing your working history to ensure you have received credits for every period, particularly if you were not working due to unemployment, illness, or caring responsibilities. These credits are crucial for qualifying for benefits, most notably the state pension.(PA)2. Locate any lost or missing pension pots "I have a huge bee in my bonnet about the £31 billion of untraced pensions that we have in the UK," Hope states. She urges individuals to check their LinkedIn profiles or CVs to identify previous employers or pension providers. "Go back through your LinkedIn or your CV and make sure that none of that £31 billion is languishing somewhere, because that is your money to have." The government’s free Pension Tracing Service can assist in locating these forgotten funds.3. Explore UK retirement living standards "I think it’s really useful to look at the UK’s retirement living standards, because that will give you an idea of how much you’re going to need in retirement, depending on what type of retirement you want to live," Hope explains. These standards – minimum, moderate, and comfortable – provide a benchmark. "Ask yourself: What do I want my retirement to look like? I would compare the three standards to a Butlin’s, Barcelona or Barbados retirement," she adds, offering a vivid analogy.4. Maximise employer matching contributions "You are not going to outperform a double-matched employer contribution on your workplace pension. So, the earlier you start taking advantage of free money from your employer and the investment growth, the better," says Hope. She stresses the power of early engagement: "Get in early because that snowball effect of compound investment growth, compound interest, and the magic of the employer contribution are unrivalled."Get a free fractional share worth up to £100.Capital at risk.Terms and conditions apply.Go to websiteADVERTISEMENTGet a free fractional share worth up to £100.Capital at risk.Terms and conditions apply.Go to websiteADVERTISEMENT(Alamy/PA) (Alamy/PA)5. Review all your financial options holistically "Take a really holistic look at your finances," advises Hope. She acknowledges that options like equity release can be considered, but emphasises the complexity of retirement planning. "Looking holistically at your house, investments and pensions and being able to pull the levers to be both tax-efficient and make the most of your assets is hugely important."6. Utilise benefit and retirement calculators "Benefit calculators, such as the Turn2us benefit calculator, are really important," Hope notes, also mentioning a calculator on Lloyd’s banking website. She highlights that Scottish Widows offers a retirement calculator that can quickly estimate potential retirement lifestyles and savings values.7. Use apps for a comprehensive financial overview "I think that having an app for your finances is really important now," says Hope. She values the convenience of a "single customer view, where you have your bank account alongside your retirement account and your pension."8. Create a pre- and post-retirement budget Planning a budget before and after retirement is crucial to prevent overspending. "Before you retire, I would definitely do a before and after retirement budget, because some expenses will go down and some won’t," Hope advises.(Alamy/PA) (Alamy/PA)9. Clarify your retirement priorities Individual priorities will shape retirement decisions. "Ask yourself what is more important, is it stability of income, flexibility of income, or legacy for my family? When you can answer that question for yourself, that will then dictate how you manage your budgeting and your spending," Hope explains. She concludes: "Some people will want to drain the pot down, and some people will want to leave as much as possible, and some people will just want to really enjoy the longest holiday of their life."