We recently ran a retirement planning quiz to help people reflect on their future plans, and to better understand the kind of support people might need as they approach this next chapter of life.
The aim was simple: to shine a light on how prepared (or not) people feel when it comes to their retirement. Whether you’re five years away or fifteen, having clarity over your goals and a plan to get there can make all the difference.
So, what did we find?
Most people are planning big changes in the next decade
A huge 89% of respondents said they plan to retire or significantly change their approach to work within the next 5 to 10 years. It’s clear that for many, a new chapter is on the horizon.
But many aren’t sure they have enough
When asked how confident they were that they have ‘enough’ to last the rest of their life, 47% gave themselves the lowest score (1 out of 5). Only 6% rated their confidence at the highest level. That’s a sizeable gap between plans and peace of mind.
The majority have less than £100k in pensions and investments
Excluding property, 61% of people said their retirement savings total less than £100,000. For many, there is a high risk that their pension fund that may not stretch as far as expected — especially over a 20+ year retirement.
Planning is still a major blind spot
- 69% don’t have a plan for how they’ll draw down their assets
- 63% don’t review their investments regularly
- 68% don’t know how well diversified their investments are
- 66% don’t know what options their pensions offer
While many are thinking about retirement, fewer have a plan in place to make it happen. Most people we surveyed don’t know how they’ll draw on their assets, how their investments are structured, or what their pensions actually offer. Without a clear understanding of these critical elements, individuals may find themselves unprepared when the time comes to retire. This lack of preparation can lead to financial stress and impact one’s quality of life in later years. It’s important to recognize why retirement goals matter; they provide a roadmap for ensuring financial stability and security as one transitions into this new phase of life. Defining your retirement goals is essential for creating a personalized savings strategy that aligns with your lifestyle aspirations. By taking the time to assess your needs and desires for retirement, you can better allocate your resources and make informed decisions about investments and savings. Ultimately, a proactive approach to planning can lead to a more fulfilling and stress-free retirement experience. Additionally, it’s crucial to regularly review and adjust your retirement strategies as market conditions and personal circumstances change. This ongoing evaluation ensures that you stay on track towards your financial goals while maintaining your dream lifestyle. Remember, the sooner you start planning and saving, the more options you will have in shaping the retirement you desire.
These blind spots can lead to missed tax-saving opportunities, unnecessary risks, or simply not making your money last. The details matter, and understanding them can be the difference between uncertainty and confidence in retirement.
The good news? It’s not too late to get a clear, personalised plan in place.
Get to grips with your retirement planning with our free webinar
On Wednesday 21st May 2025 our expert financial advisers will be hosting a free webinar from 6pm.
Focusing on the question “Do you have enough for the retirement you want?” we’ll look at:
- The Modern Retirement Landscape – Why cliff-edge retirement is out, and flexible, phased transitions are in
- Real-life Cashflow Examples – Including stress tests like market crashes, inflation and changing income needs
- Typical Concerns & Smart Strategies – From changes to tax regulations to the best approaches for planning with confidence
- How We Help – Learn about our no-pressure advice journey, and how you can book a free personalised cashflow modelling session.
To book your free place, register here.
Ready to take control of your future?
If you’re unsure where to start, you’re not alone — we’re here to help. At Flying Colours Advice, we specialise in helping people feel confident about their financial future. Whether you need a detailed retirement strategy or just want to understand your options, our advisers can guide you every step of the way. Our team will work closely with you to outline essential steps for a secure retirement, ensuring that you are fully informed and prepared for the future. With tailored advice and strategies that fit your unique situation, you can approach your financial journey with confidence. Let’s take the first step together toward achieving your long-term goals.
Get a Free Retirement Planning Consultation
Get in touch with our expert advisers to see how we can help you plan a future that works for you and your loved ones.
Source: Flying Colours Advice Limited, Based on 263 responses to the Retirement Ready Quiz between 23/01/25 to 26/02/25