Many financial advisors emphasize the importance of starting retirement planning as early as possible. However, what if you find yourself in your 40s or 50s and have only just begun to think about pension planning? Is it too late to secure a comfortable and secure retirement? The short answer is no. It’s never too late to start pension planning, and im going to provide 10 steps you can take to improve your financial outlook for retirement.

1. Review Your Finances

Begin by conducting a comprehensive assessment of your current financial situation. Take a close look at your savings, investments, and any workplace pensions you may have. Understanding your starting point is essential for creating a realistic retirement strategy and setting achievable goals. A financial adviser such as ourselves at Howard wright will use a discovery or fact find session to gather this information.

2. Define Your Objectives

Your retirement plan should align with your aspirations for later life. What kind of lifestyle do you envision during retirement? Do you want to spend more time with family, travel, pursue hobbies, or explore new passions? Having a clear vision of your retirement goals will help shape your financial strategy. Some clients will find this difficult to quantify especially in monetary terms, a financial adviser can help with this by drawing upon the latest cost of living in retirement data and client experience.

3. Check Your Workplace Pension

If you are currently employed, ensure that you are enrolled in your workplace pension scheme and receiving employer contributions. Maximizing these contributions can significantly boost your retirement savings. It is usually the case that if you have opted not to be in the employer pension scheme you do not receive the employers contributions into your pay so its money that is lost

4. Track Down Lost Pensions

Over the years, you may have accumulated multiple workplace pensions from different jobs. It’s easy to lose track of them. If you believe you may have some pensions but cant find any information you can use the free of charge pensions tracing service online. Once you have found them or if you never lost them, consider consolidating these pensions into a single scheme to simplify your retirement planning. Professional advice should be sought when consolidating old pensions. Although it may make life easier having them all in one place, the last thing you would want to do is lose any valuable guarantees that may be on some of the existing pensions. consideration should also be given to the features of each pension and why you would consolidate into one over the other.

5. Contribute the Correct Amount

Remember, even if you’re starting late, the power of compound interest can still work in your favour to enhance your retirement income. Whether you have a workplace pension or have recently established a private scheme, save as much as required to achieve your goals. I have chosen my wording carefully here as I often see or hear “save as much as you can” this really isn’t always necessary. If you can attain your goals saving £500 per month it is not necessary to save £1,000. Could that extra £500 be better spent elsewhere, such as taking out financial protections to make sure your plan isn’t derailed if you are unable to work or one of a couple passes away.

6. Cut Unnecessary Expenses

If you really are not on track and your current disposable income doesn’t leave sufficient to fund for your objectives you may wish to consider Identifying and eliminating unnecessary expenses to redirect funds toward your retirement savings. If this is not an option or something you simply don’t want to do it may mean having to retire later or with a reduced income.

7. Downsize Your Property

If your home is larger than you need, downsizing to a more suitable property can release equity that you can put toward your retirement savings. A smaller property may also reduce your monthly expenses, providing additional funds for your future.

8. Delay Your Retirement Date

Staying in full-time work for a longer period can substantially increase your retirement income. Extending your earning years allows you to save more and delay drawing from your retirement funds.

9. Revise Your Investment Strategy

Consider updating your investment strategy to generate income for retirement. However, be cautious about the level of risk you are comfortable with, especially if you need to catch up on savings. Consulting a financial advisor can help you make informed investment decisions.

10. Repay High-Interest Debts

Prioritize paying off high-interest debts to free up cash that can be redirected toward retirement savings. Reducing debt can significantly improve your financial position.

While planning for retirement can be daunting, especially if you’ve delayed starting, professional financial guidance can provide clarity and confidence. Expert financial planners can help you create a customized retirement strategy aligned with your goals, ensuring you make the most of your available time and resources.

In conclusion, it’s never too late to begin pension planning. Taking proactive steps and seeking professional advice can help you secure a more financially comfortable and worry-free retirement. If you have concerns or questions about your retirement planning, don’t hesitate to reach out to our team of experienced financial planners. We are here to assist you in preparing for a brighter financial future. Contact us today.

How can I get in contact to discuss my own financial planning requirements with Howard Wright?

How can I get in contact to discuss my own financial planning requirements with Howard Wright?

As always, we’ll be happy to discuss all aspects of financial planning with you and answer any questions you may have.

To discuss your finances free of charge, please contact Ashley Smith one of our Chartered Financial Planners at Howard Wright, you can call him on 0345 688 4939 or you can fill in our enquiry form below, it only takes 20 seconds to complete. We look forward to hearing from you and seeing how Ashley can help.


This article contains information from sources believed to be reliable but no guarantee, warranty, or representation, express or implied, is given as to its accuracy or completeness.  Howard Wright Ltd does not undertake any obligation to update or revise any future statements.  Past performance is not a reliable indicator of future results. Investments can go down as well as up and actual results could differ materially from those anticipated. This article is for information purposes only and has no regard to the specific investment objectives, financial situation or particular needs of any person as such, the information contained in this article is not intended to constitute, and should not be construed as, investment or financial advice.  Appropriate personalised advice should be taken before entering into any transactions.  No responsibility can be accepted for any loss arising from action taken or refrained from based on this publication.  Howard Wright Ltd is Authorised and regulated by the Financial Conduct Authority.