When you’re constantly juggling work and home life, it can be hard to find time to think beyond the next family holiday, let alone years into the future.
So, it’s no surprise to learn that millions of people risk reaching retirement with a “chronic shortfall” of savings to fall back on.
In May 2026, the Pension Commission reported that 15 million people aren’t currently saving enough for retirement. The findings also revealed that:
- 45% of working-age adults – roughly 18 million people – aren’t saving into a pension at all, despite almost half of them being in work.
- Only 4% of self-employed workers are saving for retirement – and among younger self-employed people the figure is lower still.
If these findings have you questioning whether you’re saving enough for your retirement, read on for some practical tips to help you prepare for a secure future – in your 40s, 50s, and 60s.
In your 40s – capitalise on peak earnings with a savvy savings plan
Now’s the time to take decisive steps to assess your financial health and ensure you stay on track.
Take tax seriously
Pension tax relief can be a valuable way to increase your pension pot, but if you pay higher- or additional-rate tax, you’ll need to claim the extra 20% or 25% of tax relief from HMRC.
If you’re a higher earner, you could boost your pension savings by contributing the tax relief you claim back into your pension – creating cyclical tax benefits and increasing savings in your retirement pot.
Plus, you’re able to claim back any tax relief for the last four tax years. So, there’s still time to make sure the money you’re owed ends up in your pocket, instead of with HMRC.
Every penny you save now has longer to benefit from potential compounding returns.
Consolidate your pensions
Chances are you’ve been working for a couple of decades by now, so you may have had several different employers. This may mean you’ve also collected multiple pension pots with different providers.
This can be an admin headache. While it may not seem like a big deal now, when you start planning your income in retirement, organising several pots can be complicated.
If you’d like to organise multiple pension pots, please get in touch – where a transfer is appropriate, we can help you consolidate them into one easy-to-manage pot.
Diversify your investment strategy
When you think of your retirement, you may zero in on pension savings, but there are other options.
For example, investing in a Stocks and Shares ISA could be another tax-efficient way to grow your wealth.
In 2026/27, you can save up to £20,000 in an ISA.
Unlike a pension, you don’t receive tax relief on money you pay into an ISA. However, any growth is free from Income Tax and Capital Gains Tax (CGT). Plus, when you’re ready to withdraw funds, you can do so tax-free.
In your 50s – fine-tune your retirement goals and maximise your savings
The majority of people retire in their 60s, so with 10 years to go, now’s the time to focus on how you want to spend your retirement and double down on saving.
Figure out what you want from retirement
To understand how big your pension pot needs to be, you first need to understand how you’ll spend your time once you’re no longer working.
Although there are guidelines on how much you need for a minimum, moderate, and comfortable retirement, the amount you’ll ultimately need will be determined by your plans.
We can help you work out how much you need and use financial forecasting tools to help plan for every eventuality.
With up to 10 years before you retire, now could be the ideal time to ensure you’re on course.
Check your State Pension forecast
Check the government website to find out how much you can expect from your State Pension, and when you could start claiming payments.
At the same time, check your National Insurance record – if your State Pension seems lower than expected, you may benefit from paying voluntary National Insurance contributions to top up the amount you’ll receive.
Double down on tax benefits
If you’re planning with your partner, should one of you anticipate paying higher-rate tax in retirement while the other remains a basic-rate taxpayer, it may be prudent to divert more contributions towards the pension of whoever expects to pay the lower rate.
Please bear in mind that tax benefits will depend on your circumstances, and HMRC rules could change in the future.
In your 60s – prepare for a smooth transition into retirement and plan for the fun stuff
Once you reach your 60s, you’ll hopefully have a good idea of the savings you’ll use to generate a sustainable income when you finish work, and be looking forward to retiring on your terms.
Draw up your retirement budget
Ideally, you’ll already be very familiar with your household budget and have clear records of your income and outgoings.
With everything set to change when you finish working, review your current monthly outgoings and consider what costs may change – for example, you may save on commuting expenses, but if you intend to spend more time at home, household bills may rise.
Make your retirement a gradual process
Modern working practices and flexible pension options have made it far easier to continue working part-time for several years.
Some employers actively seek older workers – so even if you don’t fancy sticking with the same employer, you may find a different career path that allows you to work part-time doing something else you enjoy.
Working part-time can give you more time to adjust before you stop working altogether, and help to keep you physically active and provide social opportunities.
Continuing to earn even a small sum each month could also supplement your income – potentially allowing you to keep saving or remain more fully invested, meaning your wealth could benefit from greater potential growth and support you for longer when you stop earning.
Factor in the fun stuff
Regardless of whether you retire completely or keep working in some capacity, now’s the time to start doing what you love.
Whether you have itchy feet and are ready to travel the world, want to take up a new hobby, or simply enjoy quality time with family and friends, start today.
Hear more valuable retirement planning insights direct from the KBA Adviser Team
Whether retirement is still decades away or right around the corner, join our next free webinar on Monday 10 August at 6 pm, when the KBA Adviser Team will explore retirement planning in your 40s, 50s, and 60s.
Expanding on some of the insights you’ve read here, the team will also:
- Explore how retirement planning priorities change throughout your life
- Highlight common mistakes to avoid
- Share practical strategies to help you make the most of your pensions, investments, and future retirement income.
Click here to register your interest. If you can’t attend live, register anyway and we’ll send you the recording.
Get in touch
To speak to an expert Financial Planner about planning for your retirement or any other aspect of your financial future, please email contactme@kbafinancial.com or call us on 0161 260 2002.
Please note
This article is for general information only and does not constitute advice. The information is aimed at individuals only.
All information is correct at the time of writing and is subject to change in the future.
The value of investments and any income from them can fall as well as rise and you may not get back the original amount invested.
Pension consolidation advice is available. If you hold a Defined Benefit Pension Scheme or Defined Contribution pension with a guaranteed minimum pension or income, any advice you receive will be through a dedicated referral advice service and a specialist within our network.
An ISA is a medium to long term investment, which aims to increase the value of the money you invest for growth or income or both. The value of your investments and any income from them can fall as well as rise. You may not get back the amount you invested.
HM Revenue and Customs’ practice and the law relating to taxation are complex and subject to individual circumstances and changes which cannot be foreseen.
The Financial Conduct Authority does not regulate cashflow planning.
Approved by The Openwork Partnership on 08/07/2026.