Retirement rarely looks the same from one person to the next. It’s shaped by your work, your family, your health, and what you want life to feel like in the years ahead.
Many people approach retirement with a fairly narrow picture of what’s possible. There can be an assumption that there’s a “right” and “wrong” way to do it, when in reality there are several ways you can retire.
Understanding these options is an important first step, and making sense of how each applies to you, your loved ones, and your goals for the future is where professional financial advice can make the biggest difference.
There isn’t just one way to retire
Retirement is often thought of as a single moment when work ends. In practice, it’s usually a lot more flexible than that.
You may want a clear break from work, or you may prefer to phase it out gradually. You may even want to keep working in some form because you enjoy it, or because it gives you structure, stimulation, or social connection.
Thinking about retirement in terms of options rather than rules can make it feel far more manageable.
Full retirement: stepping away from paid work
When most people talk about retirement, they’re referring to leaving paid work entirely, and this is what the term “full retirement” means.
If this appeals to you, it’s often because you’re ready for a change of pace. That might mean more time for family, rest, travel, interests, or simply having days that aren’t defined by work commitments.
Full retirement can feel more sustainable when it supports the activities that give you a sense of purpose and satisfaction beyond work. That will look different for everyone, and it’s something financial advice can help you think through in the context of your wider goals and aspirations.
Phased retirement: easing out gradually
Phased retirement involves reducing work over time rather than stopping it all at once.
This might mean cutting back your hours, stepping away from certain responsibilities, or reshaping how work fits into your week. For some people, this gradual shift may feel more comfortable than a sudden stop, both practically and emotionally.
This kind of transition often involves coordinating work patterns, income sources, and longer-term plans so they continue to work together as circumstances change.
If you’d like a deeper explanation of how this kind of transition can work, our article on what a flexible retirement plan looks like in practice explores this approach in more detail.
A phased retirement can also give you space to adjust and sense-check how you’re feeling, rather than relying on assumptions.
Partial retirement: continuing to work by choice
Partial retirement often means continuing to work in some form, but on different terms.
This could involve part-time work, consulting, or self-employment, among others. In this scenario, work becomes something you choose because it still adds value to your life, not something that sets the pace for everything else.
If you are curious about how this might work in reality, our guide to partial retirement and working differently later in life looks at one way people approach this balance.
For some, realising this option exists is a penny-drop moment that opens up a more personal and flexible view of retirement.
Lifestyle matters just as much as finances
Whichever retirement route you’re initially drawn to, it is important to bear in mind that retirement planning isn’t only about money. It’s also about how you want to live your life and what you’d like to fill your time with.
You may find it helpful to think about questions such as:
- “How much structure do I want in my week?”
- “What gives me a sense of purpose or direction?”
- “How will I stay socially connected?”
- “What does a good week look like for me without work setting the schedule?”
Exploring lifestyle considerations alongside financial ones can build a more realistic picture of what your retirement could look like, and help you avoid plans that look good on paper but don’t feel right in practice.
How advice helps bring it all together
Once you start to explore how retirement could work for you, the next question is often how to make sense of those choices based on your own situation.
This is where independent financial advice can play a central role.
A good financial adviser can help you step back and look at the whole picture. That might include exploring how work could change over time, sense-checking your expectations, understanding how flexible your plans are, and considering how your decisions affect the people around you.
Good financial advice shouldn’t tell you what to do, it should help you understand your options, highlight things you might not have considered, and support you as your thinking develops over time.
Retirement will evolve as life changes
Whatever approach feels right now doesn’t have to be your final answer.
Your health, family circumstances, work opportunities, and priorities can all change. An approach that allows for adjustment, rather than one built around a single assumption, can feel far more supportive in the long run.
Ongoing financial advice helps keep things under control with regular reviews, so your plans can be adapted as life moves on, rather than needing to be rethought from scratch.
Ready to start exploring your next chapter?
Retirement isn’t about reaching a predefined endpoint, it’s about deciding on and shaping a phase of life that works for you, the people you care about, and the future you want to create.
Understanding that there are lots of different ways to retire, and having support to explore which approach fits your life, can turn retirement from an abstract, complex idea into something much clearer and more achievable.
If you’d like to start that conversation, book an appointment with a Flying Colours adviser to talk through your goals, your concerns, and what retiring could mean for you and your loved ones.
Please note:
This article is for general information only and does not constitute financial advice. It is intended for retail clients only.
The information is correct at the time of writing and may be subject to change in the future.
Pensions are a long-term investment and are not normally accessible until age 55 (rising to 57 from April 2028). The value of pension funds can go down as well as up, and you may get back less than you invested. Past performance is not a reliable indicator of future performance.
Any reference to retirement planning or financial advice is generic in nature. Individual circumstances vary and should be considered before making any financial decisions.