14 September 2026
Retirement is something most of us look forward to, but as the years go by, we often start to wonder if we’ve prepared enough.
Even where you have spent years building up savings and pensions, there are often a few areas that do not get the same level of attention.
These can impact how comfortable retirement feels and whether your plans hold up over time.
Here are five areas worth reviewing before you leave the workforce.
1. Have you thought about what retirement will actually cost?
A lot of people focus on building a target amount, but few stop to look at what they are likely to spend once they stop working.
The regular costs are usually the easiest to identify. Household bills, food, transport, holidays, hobbies and general day-to-day living all need to be factored in.
Where plans often fall short is in the less predictable costs.
For example:
These things may never happen, but they are always worth allowing for within your budget.
Inflation also needs to be considered, because the amount that feels comfortable today may not go as far in ten or fifteen years.
2. Does your investment strategy still suit where you are now?
The approach that worked while you were building wealth may not be the right one as you approach retirement.
Earlier in life, investors may have more capacity to accept investment risk in pursuit of long-term growth
Closer to retirement, the focus usually shifts towards preserving what you have built and generating a reliable income.
This does not necessarily mean you need to move everything into low-risk holdings overnight, but it does mean reviewing whether your current portfolio still reflects your priorities.
Ask yourself:
As retirement approaches, it can be useful to review whether the balance between growth and stability remains appropriate for your circumstances and objectives.
3. Do you fully understand your pension options?
Pensions can account for a significant proportion of retirement income, yet many people are still not entirely clear about what they are entitled to or when they can access their pension. The State Pension may not be enough on its own to support your lifestyle throughout retirement .
You should have a clear understanding of:
If you have private and workplace pensions, it is worth checking whether you have older pension pots from previous employers that may have been forgotten, as well as understanding the options available under your current scheme.
It is also worth checking that your nominated beneficiaries are up to date, particularly if your circumstances have changed.
Some plans offer drawdown flexibility, lump-sum access or benefits for family members after death.
4. Have you considered the tax position when drawing income?
One of the most common issues we see is people focusing on how much they can take, rather than how best to take it.
The way you draw from pensions and savings can have a direct effect on the tax you pay.
Taking larger withdrawals in a single tax year may push part of your income into a higher tax band. In some cases, this can be avoided simply by spreading withdrawals more carefully.
It is worth reviewing:
The aim is to make your income last while keeping unnecessary tax to a minimum.
5. Have you reviewed what you plan to leave behind?
For many clients, retirement planning is also about making sure their family is looked after once they are gone.
If your intention has been to leave unused pension funds to the next generation, this is an area that now needs careful review.
From 6 April 2027, most unused pension funds and death benefits will be brought within the scope of Inheritance Tax.
This means plans that previously worked well from an estate planning perspective may no longer produce the same outcome.
It is worth revisiting:
Whether there are alternative ways of passing wealth to the next generation. Reviewing your position now gives you time to understand how the changes could affect your estate and consider whether any changes to your plans may be appropriate.
Time to revisit your plans
As retirement draws closer, it is easy to assume that everything is on track simply because you have been saving consistently.
However, tax rules, financial circumstances and personal priorities can all change over time. Reviewing these areas now can help ensure your plans continue to reflect your circumstances and what you want the future to look like.
If it has been a while since you last reviewed your plans, get in touch with our team, who can help you review them and confirm they are still fit for purpose.