Are You Retirement Ready? The Five Questions Every Savvy Saver Should Ask

Picture this: You’re sipping a fine cup of tea, enjoying your Sunday paper, and suddenly it hits you—retirement isn’t that far off anymore. But are you actually ready for it? Not emotionally (though that’s a whole other topic), but financially?

If you’ve started to amass a retirement savings pot and wondering whether you’ve ticked all the right boxes, these five key questions will help you assess whether your pension is on track—or if it needs a serious kick up the assets.

1. Do You Know Your Retirement Number?

That’s the magic figure that’ll let you live comfortably (and maybe even indulge a little) once work is done. Whether it’s £250,000 or £1 million+, having a target gives your planning real purpose.

🔍 Pro Tip: Use a pension calculator to see how much you’ll need based on your lifestyle goals—not just guesswork.

2. How Much Have You Actually Saved?

Most people have some savings, but many don’t know the real number—or where all their pensions are hiding. Dig out old employer pension pots and check your current balances.

🛠 Tools like Pension Tracing Services or financial advisers (hello!) can help simplify the search.

3. Are You Making the Most of Tax Relief?

Pensions come with brilliant tax perks. For every £100 you contribute, HMRC could chip in £25—or more if you’re a higher-rate taxpayer. Are you aware of all the new changes and where you stand as of today, not when you perhaps last checked a few years ago?

🎯 This is 'free' money. Don’t leave it on the table.

4. Do You Know What You’re Invested In?

If your pension is sitting in cash or a poorly performing fund, inflation is quietly eating away at it. Diversification across stocks, bonds, and maybe even ESG funds can help balance risk and reward.

📊 Speak to an adviser if your investment choices look like alphabet soup or haven't been readdressed recently.

5. When—and how—Will You Access It?

You can usually start drawing your pension from age 55 (rising to 57 in 2028), but should you? Taking it too early or in the wrong way can dent your long-term income.

💬 Consider income drawdown, annuities, or a phased approach—and what works best for your situation.

Final Word

Retirement planning doesn’t have to be dry or daunting. A bit of clarity and a friendly guide (that’s me) can go a long way. Whether you're a spreadsheet wizard or haven’t looked at your pension in years, asking the right questions now could mean a much smoother ride later.

👉 Need help answering these questions? Let’s chat over a (virtual) cuppa—book a no-obligation pension review today here .Gavin's Diary