Retirement is one of life’s most exciting chapters, it’s a time to enjoy the freedom you’ve worked so hard for. But getting there with confidence can take a little planning. That’s where our team of Independent Financial Advisers come in. With years of experience helping people plan for retirement, they’ve shared their advice to help you plan and prepare for the retirement you want.
Build your foundation early
When it comes to retirement, time really is your greatest asset. Fred, one of our Independent Financial Advisers, is a firm believer that the earlier you start, the more you stand to gain. “Small, consistent contributions made over time may benefit from compound growth, though investment values can fluctuate”, meaning even modest savings, started early enough, can potentially grow into something significant by the time you come to enjoy them.
Diversification is equally important. Spreading your investments across different asset classes can help manage risk, rather than putting all your eggs in one basket.
And when it comes to planning for the future, Fred encourages people to be honest with themselves about what retirement will actually look like. Estimating your likely living costs, healthcare needs, and the lifestyle you want to lead gives you a realistic target to work towards and makes the whole journey far less daunting.
Take it one step at a time
Retirement planning can feel like a lot to take on – but Russell’s philosophy is refreshingly simple: keep it simple. From turning your initial ideas into a clear vision, right through to making sure your money lasts as long as you do, taking it one step at a time is important.
A big part of that is getting crystal clear on the income you’ll need at each stage of retirement, so you’re never over- or under-saving. Russell also encourages clients to gather all their pensions together for a proper review, check their State Pension forecast, and maximise contributions while tax relief is still on the table, because, as he puts it, “tax relief is only available while you are working, and can be a valuable part of your retirement planning”. Reducing debts, aligning plans as a couple, making sure investments match your time horizon, and putting the right estate planning documents in place can help create a more structured approach to retirement.
Make the most of the final run-up
The years immediately before retirement are often the most financially productive of your working life, and Chris wants to make sure you make the most of them. With children potentially no longer reliant on you, mortgages closer to being paid off, and earnings often at their peak, this period offers a real opportunity to give your pension a meaningful final boost.
Chris recommends making full use of salary exchange where it’s available, which can help you maximise contributions in a highly tax-efficient way, up to the current £60,000 annual allowance. It’s a strategy that many people overlook, but the impact on your retirement pot can be substantial. In Chris’s words: “the years leading up to retirement can be a valuable opportunity to boost pension savings, which could have a significant impact, though outcomes depend on individual circumstances”.
Plan for the life you actually want to live
One of the most common misconceptions Jamie encounters is the assumption that spending naturally falls in retirement. In reality, the opposite is often true. With far more free time to fill, many retirees find themselves spending more than ever: on travel, hobbies, family, and all the experiences they never quite had time for while working. And that’s a brilliant thing, as long as you’ve planned for it.
Jamie’s advice is to recognise this from the outset: “your spending in retirement is likely to increase compared to when you’re working, and your plan needs to reflect that”. Building in a realistic picture of your retirement needs, rather than a just a minimal budget, can help you plan more effectively.
Start earlier than you think you need to
If there’s one piece of advice Liviu gives to almost every client, it’s this: “start thinking about retirement sooner than you think you need to”. Retirement planning isn’t simply about your pension. It also includes understanding what income you’ll genuinely need, making the most of available tax allowances, and building a plan that can flex and adapt as your life changes. Markets shift, rules change, and priorities evolve – which is why regular check-ins with your adviser are so important to keep everything realistic and help plans keep on track. The earlier you start, the more options you’ll have.
Ready to take the next step?
Whether you’re just starting to think about retirement or you’re in the final stretch of your working life, it’s never too early to get expert guidance. Our Independent Financial Advisers are here to help you build a retirement plan that’s as unique as you are. Get in touch today to start planning for your future
Please note:
This article is for general information only and does not constitute advice. The information is aimed at retail clients only.
All information is correct at the time of writing and is subject to change in the future.
The value of your investments (and any income from them) can go down as well as up and you may not get back the full amount you invested. Past performance is not a reliable indicator of future performance. Investments should be considered over the longer term (minimum of 5 years) and should fit in with your overall risk profile and financial circumstances.
A pension is a long-term investment not normally accessible until 55 (57 from April 2028). The fund value may fluctuate and can go down, which would have an impact on the level of pension benefits available. Past performance is not a reliable indicator of future performance.
The tax implications of pension withdrawals will be based on your individual circumstances. Thresholds, percentage rates, and tax legislation may change in subsequent Finance Acts.