How Much Do I Need To Retire?

Retirement is one of life’s greatest milestones.
Understanding how much you need and how to make the most of your money is no easy task.

10 Things to Consider


Prepare your pension to align with your desired lifestyle
Your pension should be sufficient enough to cover your lifestyle post-retirement. It is important to estimate the monthly expenses that would be incurred and see if the pension would cover it.


Understand how to access your pension funds

You need to be aware of the rules and regulations of accessing your pension funds. Depending upon the type of pension scheme you have, there could be restrictions on when and how you can access these funds.


Determining the amount of funds required for your retirement

It is essential to calculate the amount of money you will need during your retirement. This will depend on factors such as your health, lifestyle, and inflation.


Consider your spouse and dependents

You should take into account the financial needs of your spouse and other dependents. If they are reliant on your income, you need to ensure that they are taken care of after you retire.


Consider your health care needs

Health care can become a significant expense in retirement. Understanding your potential needs, exploring insurance options, and saving specifically for health-related costs are all necessary steps.


Revisit your estate planning

Update your will, beneficiaries, and power of attorney. Make sure everything is up to date and reflects your current wishes and circumstances.


Look into tax implications

The way you withdraw from your retirement accounts can impact how much you owe in taxes. Make sure you understand the tax implications so you don’t incur any penalties.


Think about what you will do with your time

Retirement is not just about financial planning, but also what you plan to do with your newfound free time. Whether it’s travelling, starting a hobby, or spending more time with family, you should have a plan to stay active and engaged.


Have a plan for long-term care

As we age, there’s a chance we might require long-term care, such as assisted living or a nursing home. Having a plan in place will save a lot of stress and financial burden in the future.


Start Early

Remember, retirement planning can seem daunting, but it doesn’t have to be. Start early, ask for help when you need it, and adjust as you go along.

Looking to the future

Taking the leap into retirement is a significant life change and ensuring your financial security can seem overwhelming. But remember, you don’t have to do this alone. As specialists in retirement planning, we possess the knowledge and experience to guide you through this crucial phase of life. Whether you’re trying to determine how much you’ll need, how to allocate your pension funds, or how to prepare for potential long-term care, we’re here to help.

By choosing our service, you are prioritising a stress-free, secure, and enjoyable retirement. Our experts will work with you to understand your lifestyle needs, your financial situation, and your retirement goals before creating a personalised retirement plan that aligns with your objectives.

We understand that retirement is more than just financial planning—it’s about building the life you want after your working years. Whether that involves world travel, a new hobby, or simply spending time with your loved ones, we’ll ensure your plan supports your dreams.


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Take Control of Your Retirement, Reach Out to Us Today

Don’t leave your retirement to chance. Reach out to us today and let’s start planning for your future. Take the first step towards a secure, fulfilling, and comfortable retirement by contacting us for a free consultation.

Don’t wait for tomorrow, start planning for your retirement today.

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Frequently Asked Questions

We pride ourselves in being transparent about our affordable and competitive fees, outlined in the table below.

Financial Planning Fee £1,495 + VAT (£1,794)

Our financial planning fee of £1,495 + VAT supports the time and expertise required to create a personalised financial plan tailored to your unique circumstances and goals, including the presentation of cashflows forecasting your future retirement.

Implementation Fee 1% of Fund Value
Maximum Implementation Fee £9,950

We charge a 1% fee to cover our costs implementing any recommendations based on our advice.

Pensions can be a complex area of financial planning which is often confusing, that is why it is vital to talk to someone who can explain your pension to you in plain English, enabling you to make informed decisions regarding your future. We are open and transparent, meaning the advice we give will always be in your best financial interest, even if this means we advise you to retain your current scheme.

Our Retirement Planning advice service takes around six weeks from initial engagement to advice call. Pension transfers can take longer depending on the providers involved, but we will keep you informed every step of the way.

Delivering affordable advice
A cost effective way to get expert planning for your future.


Such as inflation, investment volatility, and running out of money.


We ensure that your pension is in the right place for your retirement.

Whole of

We can deliver the most suitable solutions for your requirements.

Professional advice for
every step of the way

Preparing for retirement involves three key stages: growth, consolidation, and income. No matter where you are in your journey, we can give expert independent financial advice to ensure that you are always prepared for the future.


  • Maximise the long term potential of your funds
  • Minimise charges and hidden fees


  • Find a product that suits your retirement
  • Transfer your pensions into one place for easy management


  • Understand your tax-free cash options
  • Manage your drawdown income

Your retirement planning journey


Getting to know you

We find out what’s important to you, your financial circumstances and your long term goals.


Build Your Plan

Our advisers analyse the best options and provide you with a comprehensive roadmap for retirement.


Keeping you on track

Manage your investments and make informed decisions about your future for peace of mind.

Retirement planning specialists

At Pension Works, it’s our job to make sure your pension is working hard and helping to deliver the comfortable retirement you deserve.

We believe in delivering expert pension advice to everyone, helping people across the UK take control of their pensions to secure a comfortable retirement. We believe in accommodating the needs and flexibility of all our clients, which is why our advice is delivered to you remotely.

Pension Works are completely independent, meaning that we work with the most trusted and well known pension providers in the UK. We are always working for you in a transparent manner to deliver jargon-free, professional advice that is affordable and at a time that suits you.