Do you feel pressured to delay your retirement? Bespoke advice might help 

Retirement is perhaps one of the most momentous milestones in your life, and a costly one, at that.

You may be looking forward to enjoying your newfound free time, travelling more, or simply spending more time with your loved ones.

Yet, the reality is that many people are unsure whether they’ve saved enough to support their dream lifestyle. In fact, MoneyAge reveals that just 36% of survey respondents are confident they can afford to retire. Despite years of contributing to their pensions, many still worry that their savings won’t support the lifestyle they hoped for.

This is somewhat understandable. Uncertain economic conditions worldwide have dominated headlines in 2025, with stock market turbulence due to Donald Trump’s tariffs sparking market fluctuations that may have temporarily affected the value of your pension pot.

What’s more, the ongoing cost of living crisis makes even everyday basics harder to afford.

You may find that such events that affect markets quickly erode your confidence in your retirement plans. You might even hesitate to enter the next phase of your life and feel pressured to continue working just in case.

However, delaying your retirement might not be necessary. Continue reading to discover what you should do before pushing back your retirement, and how bespoke advice might help.

Assess your wealth

A wise first step is to carefully assess what you already have.

It’s worth gathering together any:

• Pension information
• Investment reports
• Cash savings
• ISA wealth
• Property and any other assets you hold.

You might also want to take this opportunity to track down any old or forgotten pensions from previous jobs, as you may discover you have more saved up than you thought.

At the same time, you should ideally take a look at your regular expenditure. This could include any essential costs, such as:

• Housing costs
• Utilities
• Food
• Transport

It might also be prudent to consider more discretionary costs, such as holidays or hobbies.

Just remember that your income needs may change when you stop working. For instance, you may spend less on commuting costs, but more on leisure or family activities.

This kind of review can be highly insightful, as when you aren’t entirely sure of your financial situation, it’s easy to assume the worst about your retirement savings.

After gathering all the facts, you may feel more confident and in control, making you less likely to delay retirement.

Think about the kind of retirement you want to have

It’s vital to remember that retirement doesn’t look the same for everyone. Some people might picture a quieter life with their grandchildren, while others dream of travelling the world or even starting a new business.

Whatever your vision, it’s essential to understand how much your dream lifestyle might cost.

The Pensions and Lifetime Savings Association gives a helpful benchmark for retirement wealth, stating that a couple might require a yearly income of:

• £21,600 for a “minimum” retirement
• £43,900 for a “moderate” retirement
• £60,600 for a “comfortable” retirement.

While these figures aren’t supposed to provide a “one-size-fits-all” target, they can help you visualise how much your own plans may cost, and the income you might need to generate from your pensions, savings, and investments in order to make them a reality.

It might also be wise to factor in any plans to gift wealth to loved ones, either during your lifetime or through your will.

This is especially important when planning for an inheritance, as gifting strategies and tax rules could significantly influence your approach.

Through a financial adviser, you can use cashflow modelling to examine your future

Perhaps one of the more practical tools an adviser can use to help you assess your financial future is “cashflow modelling”.

This essentially allows you to input data about your current financial situation and future aspirations to show how your wealth will change visually. Some of the information you provide might include your:

• Current and future income
• Savings
• Investments
• Protection costs
• Outstanding debts
• Pension contributions
• Other outgoings, such as your mortgage.

The detailed view of your future finances that cashflow modelling provides can offer some much-needed clarity, help you make informed decisions, and offer reassurance that you are on track.

Having this information set out visually, rather than just in your thoughts, can make a significant difference, too.

Indeed, you may find you’re more able to rearrange your priorities, identify new activities or experiences you wish to pursue, or simply feel more confident that you’re preparing effectively.

Cashflow modelling can also identify any gaps in your retirement savings.

Then, you could explore strategies tailored to your personal needs. For instance, you might secure more competitive rates on savings accounts or review your debt to clear it sooner.

This could enable you to create a more streamlined path towards your long-term goals, allowing you to secure the retirement lifestyle you’ve always dreamed of rather than delaying it.

Work with an experienced financial adviser who has your best interests at heart

Even with all of the information laid out before you, it can still feel daunting to decide when to retire.

This is why you may want to work with a trusted financial adviser.

At Chancellor Financial Management, we take the time to understand your personal circumstances, goals, and values.

Then, we can build a plan that supports your dream retirement, while giving you the confidence that any decisions you make will be right for you.

We can also walk you through the process of cashflow modelling and help you understand how all elements of your wealth work together.

Even if retirement feels like a distant goal – perhaps due to the choice to delay it – understanding your position can make it feel far more achievable.

Email info@chancellorfinancial.co.uk, or call 01204 526 846 to speak to an adviser.

If you’re already a client here at Chancellor, contact your personal financial adviser to discuss any of the content you’ve read in this article.

Please note

This article is for general information only and does not constitute advice. The information is aimed at retail clients only.

All information is correct at the time of writing and is subject to change in the future.

Please do not act based on anything you might read in this article. All contents are based on our understanding of HMRC legislation, which is subject to change.

A pension is a long-term investment not normally accessible until 55 (57 from April 2028). The fund value may fluctuate and can go down, which would have an impact on the level of pension benefits available. Past performance is not a reliable indicator of future performance. 

The tax implications of pension withdrawals will be based on your individual circumstances. Thresholds, percentage rates, and tax legislation may change in subsequent Finance Acts. 

The value of your investments (and any income from them) can go down as well as up and you may not get back the full amount you invested. Past performance is not a reliable indicator of future performance. 

Investments should be considered over the longer term and should fit in with your overall attitude to risk and financial circumstances.

The Financial Conduct Authority does not regulate estate planning, cashflow planning, tax planning, or will writing.