Yet this is one of the most important phases in your financial life. You still have time to make meaningful changes, but the window to do so is narrowing. The actions you take now will have a direct impact on the lifestyle you’re able to enjoy later on. This is no longer about distant planning – it’s about shaping a future that’s within sight.
If it feels overwhelming, you’re not alone. Breaking it down into clear, manageable steps can quickly bring focus and confidence. A closer look at where you are today can be the turning point between hoping for a comfortable retirement and actively planning for one.
First, some numbers…
For a comfortable retirement, you would typically need an annual income of around £60,600 as a couple and £43,900 as an individual¹. Other research suggests a total pension pot of £270,000 to £400,000 each for couples, or £540,000 to £800,000 for an individual is needed, alongside the full State Pension².
When you consider that the average UK pension pot for 45 to 54-year-olds currently stands at just £80,000² – and that 14.6 million Brits are under saving for retirement³ – it becomes clear that there may be a change of course required if your current plans won’t provide what you need.
Make a difference
At this stage of life, pension planning becomes less about starting and more about shaping. Your Finli planner can help you sense-check whether you’re truly on track, identify gaps you may not have spotted and bring structure to your plans. From contributions and investments to tax efficiency and retirement timing, good advice brings clarity and confidence to what can otherwise feel complex. This is the point where strategy really matters – and having an expert in your corner can make all the difference.
Taking action, with purpose
You don’t need to overhaul everything overnight, but you do need to be intentional. Small changes can still have a big impact – increasing contributions, adjusting investments, consolidating old pensions, making better use of allowances. The key is to move from “I really should look at this” to “I have a plan and I’m acting on it.” This is your opportunity to course-correct and strengthen your position while time is still on your side. Questions for this life stage circle around – are you building at the pace you need? Is your pot working hard enough for the final stretch?
A moving target
The pensions landscape itself is constantly evolving. The government announced changes to salary sacrifice in the Budget, life expectancy continues to rise, many of us will work for longer and the State Pension age is increasing. All of this means retirement planning is very much a moving target. This is the point where the direction of travel really matters.
It’s also important to recognise the ‘live for today’ mindset many people have adopted in recent years. The pandemic shifted priorities for a lot of families – making memories, enjoying life and spending time together now feels more important than ever. In some cases, this is reinforced by expectations of an inheritance from Baby Boomer parents, but this is not something you can rely on. With changing tax rules around pensions and Inheritance Tax, you may inherit less than you expect – or later than you expect – making it even more important to stand on your own two feet financially.
Ready to take control?
This is about you – your life, your priorities and the choices you want to have in the years ahead. There is no one-size-fits-all approach to retirement, because no two lives look the same. Some people want to slow down, some want to work part-time, others dream of travelling or helping family. Whatever your vision, this is the decade where those ideas need to start taking shape. After years of hard work, you deserve a future that feels secure and rewarding.
The time is now
Life in your late 40s and early 50s can be demanding – juggling careers, supporting children, caring for parents, managing health and finances. It’s easy for your pension to slip down the priority list, but this is the window where your actions have the greatest influence on the outcome. Putting it off only narrows your options. The right advice can help you make informed decisions, avoid costly mistakes and move forward with confidence. It all starts with one conversation – there’s no better time than now.
The value of investments can go down as well as up and you may not get back the full amount you invested. The past is not a guide to future performance and past performance may not necessarily be repeated. The Financial Conduct Authority (FCA) does not regulate Will writing, tax and trust advice and certain forms of estate planning.