Yet, while retirement may still be a good couple of decades away, this is actually a vital time to engage and put yourself in the best possible position for later on. You really can’t afford to switch off from your future needs – making provision now will make a meaningful difference.
Heard it all before? Perhaps a closer look at the numbers will help put things into perspective. Breaking it down into achievable, bite-sized steps can make saving enough into your pension feel far more manageable over the long term.
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 the average UK pension pot for 34 to 44-year-olds currently stands at just £39,500² – and that 14.6 million Brits are not saving enough for retirement³ – it becomes clear that there may be a significant gap to fill. The key starting point is understanding exactly where you are now. Only by getting a clear picture of your current position can you begin to address any shortfall and put a plan in place to close it.
Some practical, easy to achieve steps can make everything seem less overwhelming. If you can gather the information – that’s a great starting point – then you can pass the baton to us to get the expert support you need…
Taking stock: know what you’ve got
Start by gathering all your pension information in one place – current workplace schemes, old employer pensions and any personal plans. Knowing exactly what you have is the first step to understanding whether you’re on track.
Checking your contributions
Auto-enrolment is a great foundation, but it may not be enough on its own. A small increase in contributions now can make a significant difference over time, especially when combined with employer contributions.
Reviewing your investments
Your pension isn’t just a savings pot – it’s invested. At this stage of life, you may be able to take a growth-focused approach, but it’s important your investments reflect your attitude to risk and long-term goals.
Thinking about what you’re aiming for
When would you like to retire? What does a comfortable retirement look like for you? Having even a broad idea helps shape your plan and makes your pension feel more relevant and motivating.
Getting expert support
Your Finli planner can help you join the dots – from contributions and investments to tax and future goals – and create a plan that fits around your life and needs.
Taking action, one step at a time
You don’t need to do everything at once. Start with a review, make one small change and build from there.
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 – and another reason why engaging with your pension now, at this crucial stage of life, 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 people – 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 your future. There is no one-size-fits-all approach to pensions or retirement, because everyone’s circumstances are different, which is why getting the right support matters. The reality is, you only get one opportunity to build the retirement you want – and after working hard for decades, you deserve to enjoy that time to the fullest.
With Brits twice as likely to save for a holiday than their pension4 – the mindset shift needs to be – do both! With guidance, everything can seem more achievable.
So, while it may feel like you still have time on your side, don’t be complacent. Putting it off only makes it harder later. The right advice can make a real difference – helping you make informed decisions now that will shape your quality of life for years to come. It all starts with one conversation.
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.