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Have you ever heard the Chinese proverb that says, ‘The best time to plant a tree was 20 years ago. The second best time is now’? It’s a lovely reminder that even if you didn’t start planning for retirement years ago, today is the perfect day to begin.
Thinking about retirement might feel far away right now, but planning for it is one of the kindest things you can do for your future self. It’s about making sure your savings and plans can support the life you want – whether that’s relaxing, travelling, spending time with family, or exploring new passions.
In the UK, experts suggest a comfortable retirement lifestyle usually needs around £31,700 a year. That number helps us figure out what to aim for – but remember, retirement looks different for everyone. Some women dream of fully stepping away from work, while others want to ease into it, balancing part-time work with hobbies or travel.
No matter where you are now, this guide walks you through the key steps if you’re 30, 20, or 15 years from retirement. The sooner you start, the more you give yourself the freedom to create the future you deserve.
30 Years to Go: Planting the Seeds
With three decades ahead, you’ve got a big advantage: time. This is your chance to build a strong foundation without pressure.
Start by boosting your pension contributions. If you get a pay rise, consider putting some (or all) of it into your pension. That way, you save more without feeling the pinch day to day. Plus, pensions come with helpful tax perks that make your money work harder for you.
Think about other tax-smart ways to save, like Stocks and Shares ISAs, which let your investments grow without being taxed on the profits.
This is also the moment when you can afford to take a bit more investment risk, because you have time to bounce back from any bumps along the way. Just make sure you spread your investments around, so you’re not putting all your eggs in one basket.
And don’t forget about debt! Paying off high-interest debts like credit cards can free up more money to save. If you have a mortgage, check you’re on the best rate you can get and think about making extra payments if it fits your budget. It can make a big difference later.
20 Years to Go: Growing Stronger
Two decades away means you’re moving into an exciting phase where you can build on what you started and fine-tune your plans.
Take a moment to check your pension and savings. If your income has gone up, see if you can increase your contributions. Even a little more can add up beautifully over 20 years.
Keep your investments focused on growth but make sure they’re balanced across different types (AKA ‘asset classes’) – stocks, bonds, maybe property funds – to keep risk in check.
If you’re managing your own investments, try to rebalance your portfolio regularly to stay on track. Or, if you prefer, a financial planner can help guide you on the best choices.
Debt management is still key. If you’ve cleared those costly credit cards, focus on bigger loans or your mortgage. Paying down these debts lowers your expenses when you retire.
It’s also a great time to revisit your retirement dreams. Has life shifted? Maybe you want to retire earlier, travel more, or start a new chapter. Your savings plan should reflect your changing goals.
Don’t forget health. Starting a small savings pot for future medical or care costs can bring peace of mind and protect your retirement fund.
15 Years to Go: Protecting What You’ve Built
With 15 years left, you likely have a clearer picture of where you stand.
If you have pensions from different jobs, think about consolidating them. It can make managing your money simpler and cheaper. Do make sure to check with a professional first though, especially if you have older plans with special benefits.
Now’s the time to gently shift your investments toward safer options like bonds or fixed-income funds, so your savings aren’t at risk if markets wobble. You still want growth, but it’s about balancing it carefully.
If you still have a mortgage, aim to pay it off before retirement if you can. Being mortgage-free will ease your monthly expenses and stretch your savings further. Same goes for any other debts: clearing them now helps your future budget.
Start estimating what your retirement expenses might be. Think about everyday things like housing and food, but also the fun stuff – travel, hobbies, helping family. And yes, factor in healthcare, too.
If your savings aren’t quite where you want them to be, consider increasing pension contributions a bit more, or maybe delaying retirement by a few years. It’s never too late to adjust.
How a Financial Planner Can Be Your Best Ally
Planning retirement is deeply personal. Whether you want to travel the world, downsize your home, or keep working part-time, a financial planner can help turn those dreams into plans.
They’ll take a good look at your finances, help you pick the right investments, and guide you through tricky decisions like pension transfers or income options. Having that support can ease stress and keep you confident.
Get in touch with us today to find out how we can help you move toward the retirement you’re dreaming of.