Find an office

Retirement is closer than you think – is your plan ready? 

  • 3 minute read
Retirement is no longer defined by a single date on the calendar. Instead, it has become a more flexible transition shaped by personal choice, financial readiness and increasing life expectancy. For many people in the later stages of their careers, retirement can start to feel both exciting and uncertain. You may be thinking about winding down from demanding roles, considering part-time work or planning how to use the savings and pensions you’ve built over decades. At this stage, the key question often becomes less about whether you can retire - and more about how to make the transition work smoothly.

What will your retirement look like? 

The traditional ‘cliff-edge’ retirement is becoming less common. Instead, many people are choosing to reduce working hours, move into consultancy roles or explore flexible work before stepping away completely. This approach can provide a balance between continued income and more personal freedom. 

Financial preparation plays a crucial role in enabling this flexibility. The stronger your financial foundations, the more options you have. 

How long could your retirement last? 

One of the biggest planning challenges today is longevity. People are living longer than previous generations, which means retirement can last far longer too. Research suggests that many retirees underestimate how long they will live, with almost 30% already living beyond the age they expected when they were younger1.  

In reality, some people may spend 20 to 30 years or more in retirement, making careful planning essential. 

How should you think about using your pension? 

As retirement approaches, the focus often shifts from building wealth to turning savings into a sustainable income. 

This is where careful planning becomes particularly important. 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.  

Balancing income needs with long-term sustainability is therefore critical. 

What financial decisions become more important now? 

Approaching retirement is an ideal time to review and refine your financial strategy. 

Key considerations may include: 

  • Understanding your retirement income sources – pensions, ISAs, investments and the State Pension may all play a role 
  • Reviewing investment risk – portfolios may need to balance continued growth with greater stability 
  • Planning withdrawals carefully – deciding when and how to access pensions can have tax and long-term income implications 
  • Thinking about your retirement lifestyle – travel, hobbies, supporting family or relocating can all shape financial needs. 

How can advice help you approach retirement with confidence? 

As retirement draws closer, financial decisions can become more complex. 

Your Finli financial planner can help bring structure and clarity to these choices by: 

• Reviewing your pensions and investments together 
• Creating a sustainable retirement income plan 
• Helping manage tax efficiency 
• Providing reassurance during periods of market uncertainty. 

What could the next chapter look like? 

Retirement today offers more flexibility than ever before. With the right preparation, it can be shaped around your priorities – whether that means continuing some work, travelling more, spending time with family or pursuing new interests. 

If you’d like to understand how your pensions, investments and savings could support the lifestyle you’re planning, speaking with your Finli planner can help you approach retirement with greater clarity and confidence. 

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.