Retirement: the fifty-year financial plan

Graeme PegmanFinancial Planning, Retirement Planning


With life expectancy on the increase, many of us are facing a future where our savings, or rather lack of savings, may not stretch far enough to see us through retirement comfortably. With retirement age having also increased in recent years, retirement planning is something which many business owners and career driven personalities are pushing further down the agenda list.

Simply put, the sooner you start putting money aside for later life, the more you’ll have to spend when you retire. Longer life means that you’ll need to save a lot more than previous generations in order to stay comfortable. However, that’s not to say those who’ve neglected their retirement fund are beyond help.

The 50 Year Retirement Plan

See our 50 year financial plan below, highlighting some of the ideal attributes successful savers should aim for when thinking ahead and planning for retirement.


Unless you’re very fortunate, having plenty of spare cash to put aside is unlikely. It’s likely that most of your outgoings will be taken up by investments in assets such as mortgage or car repayments, or rent and other credit repayments. However, it’s important to put aside what you can – getting you into the habit of saving as you begin to climb the career ladder.


If you’re lucky enough to have an established career at this point, you’ll likely have a fairly stable income by the time you’re in your thirties. Now’s the key time to start putting a solid retirement plan together. Your thirties are the perfect time to take stock of your debts and start making regular contributions towards a retirement fund – be that a private pension plan or otherwise.


Unfortunately, many people in their forties are further behind than they should be when it comes to savings. Depending on your career, most people will begin to reach the higher end of their lifetime salary at this point in their life. Your forties are a great time to begin increasing your contributions to your retirement fund. Seek the advice of an IFA if you want to maximise the return you see from your saving efforts.


For many fortunate enough to have had a successful career, especially business owners and high level employees, your fifties can often be the final hurdle before looking forward to an earlier retirement. Now is the time to get serious about your retirement planning, putting as much of your available income aside as possible will significantly improve the quality of life you can afford once you stop working. If you’re a business owner looking to move on and extract value from your venture, check out our blog post on business exit strategies.


Congratulations, you’ve made it to retirement – hopefully with enough saved to enjoy the well-deserved fruits of your labour. In these last few years of work, it’s essential to get your affairs in order, if you haven’t already. It’s also vital to speak to an IFA before you make any decisions as to what to do with your savings. Many people find themselves rich in assets such as property in later life, but lack available cash. This can lead to a situation whereby retirees may need to consider credit, potentially putting themselves in debt. It’s essential to seek professional advice to ensure a bulletproof retirement.

If you’re worried that your pension pot isn’t going to stretch far enough, or that your life of luxury is going to take a significant hit when you stop work, there are three options available to remedy the situation.

  • Begin saving earlier on in your career
  • Increase the contributions you pay into your retirement fund
  • Defer your retirement in order to maximise your savings