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Living well in retirement – while planning for the next generation 

  • 3 minute read
Retirement marks a major milestone. After years of building savings, pensions and investments, this stage of life is about enjoying the freedom your finances can provide. Many people today remain active well into retirement and enjoy travelling, pursuing interests, spending time with family and sometimes even continuing to work by choice. Alongside these opportunities comes an important responsibility - ensuring your wealth continues to support both your lifestyle and your long-term legacy.

How long could retirement actually last? 

One of the biggest financial challenges in retirement is longevity. The number of people living into their 90s, or even past 100, has increased significantly. In the UK in 2024, there were 16,600 centenarians, more than double the number two decades ago1.  

While this is a positive development, it also means retirement may last far longer than previous generations experienced. 

How do you balance spending with long-term security? 

After decades of saving, it is natural to want to enjoy your wealth. Travel, experiences and supporting loved ones often become priorities. 

However, pension income must often last many years. Research2 suggests that withdrawing too much from pension savings can quickly erode long-term security. Analysis by the Institute for Fiscal Studies shows that withdrawal rates of around 8% a year could exhaust a pension pot within 15 to 18 years, depending on investment returns and other income sources.  

Finding the right balance between enjoying today and protecting tomorrow is therefore key. 

How can you ensure your wealth lasts? 

A well-structured financial plan can help ensure your savings continue working for you. 

Important considerations include: 

  • Managing withdrawal levels carefully – ensuring income remains sustainable 
  • Keeping investments appropriately diversified – even in retirement, some growth is often needed to combat inflation 
  • Planning for future costs – healthcare, long-term care and lifestyle changes may all affect future spending. 

How does legacy planning fit into the picture? 

For many people in later life, financial priorities shift toward family and legacy. This might involve helping children or grandchildren financially, supporting education, or planning how assets will be passed on. 

Thoughtful planning can help ensure your wealth benefits the people and causes you care about most, while also managing tax implications where appropriate. 

How can financial advice support you in retirement? 

Even experienced investors can find retirement decisions complex. 

Your Finli planner can help by: 

• Structuring sustainable income from pensions and investments 
• Reviewing tax efficiency across retirement income sources 
• Helping balance spending with long-term security 
• Supporting legacy and inheritance planning. 

Enjoying retirement with confidence 

Retirement should be a time to enjoy the wealth and freedom you’ve worked hard to build. With a clear financial strategy, you can feel confident about supporting your lifestyle today while also protecting your financial future and the legacy you wish to leave behind. 

If you’d like to review how your retirement income, investments and legacy plans fit together, your Finli planner can help ensure everything continues to work in your favour. 

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 does not regulate Will writing, tax and trust advice and certain forms of estate planning. Tax legislation and rates can change, and their application depends on individual circumstances.