How do you imagine your retired self?

None of us have a crystal ball. Retirement is years away and you’re in no rush to meet your retired self! No matter your current age, it is difficult to spare thoughts, time and money for the benefit of that unknown future person. The “forever young” approach to pension planning can lead to one or more of the following situations: 

• You do not have any retirement arrangements in place. 
• You have not gotten around to it yet.  
• You really intend to give it some thought. Whenever.  
• You are not even sure this is really that important. There is plenty of time to come up with something. 
• All this talk about pensions sounds way too complicated and beyond your reach.  

Many of us can relate to one or more of these feelings and situations, but they can seriously risk your financial wellbeing. Also, why miss out on the opportunity to save for your future while still enjoying life? Spoiler alert: the secret is getting started as soon as possible, and it is never too late. 

For more information, see the amazing value of a tiny step.

When you find time to daydream, you visualise your retired self enjoying a worry-free life. And you know that having a solid pension pot is essential for achieving that. But, with so many expenses and the rising cost of living, saving for the long term seems currently out of reach. So, you decide to keep the problem in mind and “wait and see” how things go in the coming years. This approach leads to one or more of the following situations: 

• You rely on the state pension to live when you retire. You have a good idea that it may not cover all your essential needs, but it is better than nothing. Also, you expect to have fewer expenses as you get older.  
• You have a pension set by your employer (private or public sector). Whether it will be sufficient to maintain your living standards is another question. 
• You are crossing your fingers to have your mortgage fully paid off by the time you reach retirement age. 

The good news is that you’ve already taken the most challenging step by setting up some retirement plans. However, your life circumstances, income, and expectations will change over the years, and your retirement plans should keep pace with those changes.   

For more information, see how to keep on top of your pension pot. 

You are on excellent terms with your future self. That person will enjoy many years of an exciting and meaningful retirement life, with enough time and money to do the things that are important to you. While many things in life are beyond your control, you feel that saving for retirement is not necessarily one of them. It usually means that:  

• You review your pension at least every one/two years, and always after a significant change in your circumstances.  
• You know that “review” does not mean opening the pension statement and skimming the paper, but actually checking whether it reflects your expectations and needs. 
• You seek professional support from trusted advisors to help you make better decisions and answer your questions whenever necessary.  
• You are aware of the importance of having retirement arrangements in place in addition to the state pension and, in some cases, even in addition to your employer’s pension scheme (either from the public or private sector).  

You are on your way to the future you want, and we are happy to provide you with all the information and resources you may need to support your journey. 

For more information, see tips and tools to plan your future.