All of us, at one time or another, have “buried our heads in the sand.” It’s human nature.
Retirement planning is one of those areas that’s easy to put off , but time really does make the biggest difference. The earlier you start, and the more consistently you contribute, the more flexibility and freedom you’ll have later on.
That said, life doesn’t always make saving easy. Mortgages, children, rising costs… they all compete for attention. But even small steps taken now can make a meaningful impact.
So, if you’re planning to retire in the next 10 years, here are a few practical actions that could help you make the most of your remaining working years — and move closer to the retirement you want.
If you’re in a workplace pension, are you contributing as much as you can — and is your employer matching your efforts?
Many employers will match contributions up to a certain limit. For example, a local York employer might match a 4% employee contribution with 10%, and increase that match if you contribute more.
That’s effectively free money going towards your future — and one of the simplest ways to boost your retirement savings.
Most people stick with the “default” investment fund their pension provider chooses when they first enrol. That’s not necessarily wrong — but it may not suit your attitude to risk or long-term goals.
A quick review of your pension funds can help you check:
– Are you taking the right level of risk for your age and plans?
– Are there better-performing or more appropriate options within your scheme?
– When was the last time you reviewed your fund performance?
A financial adviser can help you match your investments to your time horizon and comfort level, and make sure your pension is working as hard as you are.
With people changing jobs more frequently than ever, it’s common to have several “forgotten” pension pots scattered across old employers and providers.
If you’ve lost track of any, you can use the Pension Tracing Service (https://www.gov.uk/find-pension-contact-details) to help locate them. Once you’ve found them, it may make sense to consolidate for easier management, though it’s important to review charges, guarantees, and benefits before making changes.
We can help you review and understand what you actually have, and whether combining pensions could work in your favour.
For the 2025/26 tax year, the annual allowance (the maximum amount you can contribute to pensions with tax relief) is £60,000, although this may be lower if your income exceeds certain thresholds or if you’ve accessed benefits under the Money Purchase Annual Allowance (MPAA).
You can also potentially carry forward unused allowances from the previous three tax years which is a powerful way to make larger, tax-efficient contributions if your circumstances allow.
If you’re not sure how this applies to you, we can help you check what’s available and ensure your contributions are structured efficiently.
The closer you get to retirement, the more clarity you need around:
– How much income you’ll need (and want)
– What sources it will come from such as pensions, ISAs, savings, and property.
– Whether your investments align with your retirement goals and timeline
A retirement plan isn’t just about numbers — it’s about making sure your money gives you choices, security, and the lifestyle you’ve worked hard for.
The value of your investments can go down as well as up, so you could get back less than you invested.
A pension is a long term investment. The fund value may fluctuate and can go down.
Your eventual income may depend on the size of fund when accessed, interest rates and legislation
YorWealth Ltd is an appointed representative of Hexagon Wealth Limited which is authorised and regulated by the Financial Conduct Authority under No:483403. The firm is registered in England and Wales No. 12938859 and its registered office is Studio 7, Forest Farm Business Park, Fulford, York, YO19 4RH.
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