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Retirement Planning: A Financial Planner’s guide to your 20s, 30s, 40s, 50s and 60sWritten on May 20, 2026 by Lisa Smith

Lisa Smith | Financial Adviser

Many people don’t seriously think about retirement until later in life. In your 20s, it often feels too far away to prioritise.

By your 30s and 40s, other commitments such as careers, mortgages and family naturally take precedence.

Then in your 50s and 60s, retirement becomes much more tangible, often raising the key question:

“Do I actually have enough to retire?”

The reality is that retirement planning isn’t about making one big decision at the end. It’s about building a plan over time through small, consistent steps that work together to support your longer-term goals.

As with anything important, regular reviews and gradual improvements can make a significant difference to the overall outcome.

Where to start

As a starting point, most people now build retirement provision from three main sources:

• Workplace pensions – contributions from you, your employer and tax relief
• Personal pensions – additional savings you control yourself, often benefiting from tax relief. This is often where tailored financial advice can add the most value, ensuring your savings are structured efficiently and remain aligned with your objectives over time.
• State Pension – payable from State Pension age, but unlikely to fully cover your desired lifestyle

For most people, the State Pension alone won’t provide the level of income needed to support their lifestyle in retirement. In addition, many individuals aim to retire before State Pension age, which is currently 67 and expected to increase over time.

As a result, building additional savings is key to complementing your overall retirement plan and ensuring you have the flexibility and financial security you need later in life.

What to focus on at each stage

In your 20s

Your 20s offer the greatest advantage when it comes to planning for retirement – time.

• Even small contributions can grow significantly over the long term
• Remaining enrolled in your workplace pension and ensuring you maximise employer contributions is one of the most effective steps you can take early on
• Where appropriate, additional savings (such as ISAs) can support both short and long-term goals
• Developing consistent saving habits early on can have a meaningful impact on your long-term financial position

In your 30s

This is often a busy and financially stretched period.

• Contributions can and should be increased gradually as income rises, where this remains affordable
• Making use of pay rises and bonuses to boost savings can have a meaningful impact on your long-term trajectory and tax efficiency
• It is important not to lose sight of long-term planning alongside shorter-term financial commitments

In your 40s

By your 40s, your focus often begins to shift, and retirement planning can become a more important and defined objective.

• Developing a clear vision of what you would like your future to look like becomes key, and this is where cashflow modelling can be particularly valuable in bringing your plans to life
• Cashflow modelling can demonstrate how your pensions and investments may work together to support your desired lifestyle over time
• Identifying any potential shortfalls early allows adjustments to be made while there is still time to take meaningful action

In your 50s

Retirement planning becomes more focused and specific.

• Understanding when you can realistically access your pensions is key (currently from age 55, rising to 57 from 2028). There is no fixed retirement age the timing will depend on whether your overall provision is sufficient to support your lifestyle
• Reviewing your options for how to take benefits becomes increasingly important, as different approaches will suit different objectives
• Considering whether consolidation may simplify your arrangements and improve flexibility
• Ensuring your plans remain aligned with your intended retirement lifestyle and evolve as your goals become clearer

In your 60s

This is typically the stage where your earlier planning begins to come together and plans are implemented.

• Decisions are made around how best to meet your income and expenditure needs in retirement
• Careful consideration is given to how your investments continue to support your overall financial position
• Ongoing reviews remain important to ensure your plans stay on track and adapt to changing circumstances
• Ensuring any remaining debts or financial commitments are at a manageable and sustainable level

Bringing It All Together

Ultimately, retirement planning is about understanding:

• What lifestyle you want in retirement
• What level of income is needed to support that lifestyle
• Whether your current provision is sufficient to support your long-term plans

Regular financial reviews are essential, as circumstances, legislation and personal objectives will inevitably change over time.

The earlier you start and the more consistently you review your position the more flexibility you will have. Whether that’s retiring earlier, reducing your working hours, or simply having the confidence that your plans are achievable.

My final thoughts on retirement planning  

While starting early provides the greatest advantage, the reality is that many people don’t and that’s absolutely fine. What matters more is taking control of your position now.

In my experience, the difference isn’t just about how much you save it’s about having a clear plan, understanding your options, and making informed decisions at the right time. Without that structure, it’s easy to either under-save or take unnecessary risks.

This is where tailored advice can add real value. By working with a clear plan and ongoing guidance, you can move from uncertainty to clarity understanding what is achievable. You can check whether you’re on track, and what steps you need to take to reach your goals.

At the end of the day, good planning gives you choices. They might be retiring earlier than you expected, cutting down working hours, or just having the confidence that your lifestyle is sustainable. Having a plan in place could turn those outcomes into reality.

Get in touch with Kirk Rice about retirement planning

If you would like to understand what your own retirement could look like, we would be happy to talk this through with you. Get in touch to via info@kirkrice.co.uk to arrange a free no obligation meeting.

Please note: This article is correct as at the publication date. The answers are given for general guidance only and specific advice should be taken before acting on any of the suggestions made. The information is based on current tax legislation which may change in future. Information is based on our current understanding of taxation legislation and regulations. Any levels and bases of relief from taxation are subject to change. The Financial Conduct Authority does not regulate tax planning.