Designing the Retirement You’ve Always Imagined & How to Get There.

Retirement is no longer a fixed date - it’s a transition. Whether you’re one year away, three years out or five years from finishing work, the decisions you make today can have a lasting impact on your financial security and lifestyle in later life. The final stretch before retirement is one of the most important planning windows. It’s your opportunity to refine your strategy, reduce risk and make sure that everything is aligned for your next chapter.

So, what should you be thinking about?

How Much Will Retirement Actually Cost You?

Many people focus on building their pension pot but fewer stop to calculate what they’ll actually need.

Ask yourself:

• What will my essential monthly costs be?
• What lifestyle do I want; travel, hobbies, helping family?
• Will I still have a mortgage or other debts?
• Are there any one-off expenses planned?

Understanding your expected outgoings can help determine whether your pension savings are on track or whether adjustments are needed whilst there is still time to make them.

When Can You Access Your Pension?

In the UK, most personal and workplace pensions can currently be accessed from age 55 (rising to 57 from 2028). But just because you can access it doesn’t always mean you should.

A few things to consideration are:

• How taking tax-free cash will affect your long-term income.
• The tax implications of withdrawals.
• Whether drawing too much too early could reduce your future security.
•  How market conditions may affect your pot.

Timing and structure matter, especially in the years immediately before and after retirement.

Is Your Pension Strategy Still Appropriate?

Five years before retirement is often when people begin to review their investment risk level. If your pension remains heavily invested in higher-risk assets, market volatility could impact your retirement date or income level. On the other hand, moving to very low-risk investments too early may limit growth.

Striking the right balance between growth and protection is key.

Do You Have a Clear Plan?

Retirement planning isn’t just about the size of your pension pot - it’s about turning that pot into a sustainable income. You may have several options that you could explore, such as:

• Pension drawdown.
• Annuities.
• Phased retirement.
• A combination approach.

Each option has advantages and considerations. The right route depends on your health, other income sources, risk tolerance and family situation.

What About Your State Pension?

Do you know:

• When you’re eligible?
• How much you’re projected to receive?
• Whether you have any gaps in your National Insurance record?

The State Pension forms the foundation of many retirement plans, but for most people it won’t cover all their retirement needs.

Retirement Is a Transition - Not a Switch

For many people, retirement unfolds over time rather than happening all at once. Many move into part-time work, consultancy or a phased step back from full-time employment.

Just as importantly, retirement is about lifestyle. What do you want this next chapter to look like? More time with family? Travel? New hobbies? A slower pace or a new challenge?

Planning ahead gives you choice, leaving it too late could limit your options.

Are You Retirement-Ready?

If you’re within five years of retirement, now is the perfect time to ask yourself:

• Do I know how much income I’ll have?
• Is it sustainable?
• Am I confident about the tax implications?
• Does my plan support the lifestyle I want?

We’re here to help you see your current position clearly and explore ways to make your retirement as rewarding as possible. With a solid plan in place, retirement can feel exciting, empowering, and full of possibilities.

Ready to Start Designing The Retirement You’ve Always Imagined?

Get in Touch

The value of pensions and the income they produce can fall as well as rise. You may get back less than you invested. Tax treatment varies according to individual circumstances and is subject to change.