Why Early (and Late) Planning Matters
When it comes to retirement, time is one of your greatest assets – but even if you’ve left it a little late, there’s still plenty you can do to get the ball rolling. The key is to start now. The earlier you begin, the more opportunities you have to grow your savings and shape the future you want. But if you’re starting later, careful planning and professional advice can still make a meaningful difference.
At Ward Goodman, we work with clients at every stage of life – from early savers building a foundation to those approaching retirement and looking for clarity. Our goal is simple: to help you plan confidently for a future that feels secure and rewarding. Explore our full Pension & Retirement Planning service page.
Your 20s & 30s: Laying the Foundations
Q: Why start saving for retirement so early?
A: Because time and compound growth work hand in hand. The earlier you start, the less you’ll need to contribute later to achieve the same results.
Key actions for your 20s and 30s:
- Join your workplace pension: Take advantage of automatic enrolment and employer contributions – it’s free money added to your pot.
- Save regularly: Even small monthly contributions can grow significantly over time.
- Keep track of pensions: If you change jobs, make sure you know where each pension pot is held.
- Start learning about investments: Understanding risk and reward now helps you make smarter decisions later.
Starting early gives you flexibility – meaning you can adapt your plans without pressure as your income grows.
Your 40s: Building Momentum
Q: Why are your 40s such an important time for retirement planning?
A: Because it’s often the decade where your income peaks and you have more control over your finances. It’s the ideal time to refine your goals and make sure your money is working efficiently for the future.
Your 40s are often your peak earning years, which makes this the perfect time to build momentum. You might be balancing family costs, a mortgage, and career changes – but this is also when you can make a real impact on your long-term financial security.
Checklist for your 40s:
- Increase contributions: If possible, raise your pension payments as your income grows.
- Review your investment strategy: Ensure your mix of assets still matches your goals and risk tolerance.
- Consolidate old pensions: Combining pots can make managing your savings easier and potentially reduce fees.
- Set clear retirement goals: Think about what kind of lifestyle you’d like when you stop working.
By this stage, retirement planning becomes about fine-tuning your approach rather than simply saving for a rainy day. It’s also a good time to speak with an expert to make sure you’re on track, and to identify any adjustments that could strengthen your long-term position.
Your 50s: Fine-Tuning and Forecasting
Q: Why are your 50s such a crucial decade for retirement planning?
A: Because this is the stage where the finish line starts to come into view, making it essential to review your progress and prepare for the transition ahead.
As you enter your 50s, retirement starts to feel real. You may have accumulated several pension pots and begun to picture what your future could look like.
Key steps include:
- Check your state pension forecast: Find out how much you’re on track to receive, when you’ll receive it and whether it will be enough.
- Review retirement options: Learn about drawdown, annuities, and lump sums. [Read our comparison: Drawdown vs Annuity vs Lump Sum.]
- Prepare for access age: From 55 (rising to 57 in 2028), you can begin taking pension benefits – but timing is crucial for tax efficiency.
- Plan your exit: Consider your ideal retirement age and how your finances align with that goal.
This is also a good time to speak with a financial planner for professional guidance. Visit our Pension & Retirement Planning guide.
Your 60s and Beyond: Transitioning to Retirement
Q: Why are your 60s such a key time for retirement planning?
A: Because this is the stage where you move from building your pension to drawing from it. The choices you make now will define your financial security and lifestyle for the years ahead.
For many people, their 60s are a time of big decisions including when to retire, how to draw income, and what lifestyle they want to maintain.
Practical tips for this stage:
- Build a withdrawal strategy: Balance flexibility with security to ensure your income lasts.
- Manage investment risk: Gradually shift towards lower-risk assets to preserve your savings.
- Plan for long-term care: Include healthcare and support costs in your planning.
- Review inheritance options: Ensure your pension and estate align with your family’s future needs.
Even at this stage, it’s not too late to make adjustments. A professional review can help you maximise income and avoid unnecessary tax.
Quick Timeline Checklist
| Age Range | Key Focus | Actions to Take |
|---|---|---|
| 20s–30s | Start early | Join a pension, save regularly, learn the basics of investing. |
| 40s | Build momentum | Increase contributions, consolidate pensions, set clear goals. |
| 50s | Forecast & prepare | Review income options, access ages, and state pension entitlement. |
| 60s+ | Transition & enjoy | Manage withdrawals, protect income, and plan for long-term care. |
It’s Never Too Late to Start
If you haven’t started saving or planning for retirement yet, don’t panic – it’s never too late. Even small steps today can have a meaningful impact later. Increasing contributions, seeking advice, and making smart tax decisions can all help you close the gap.
At Ward Goodman, we believe every client deserves a clear path to financial security, no matter when they begin. Read our full Pension & Retirement Planning guide or get in touch to discuss your options.
