By David Porter, Financial Planning Consultant, Armstrong Watson LLP

YOUR 50s are a crunch time when saving for your retirement and there are some questions you might want to ask yourself to help you plan better.

When do I want to retire? Can I retire early? How much income do I want in retirement? Do I have enough in my pension pot to retire comfortably? How much will my state pension be?

If you’re in your 50s, it’s important to make retirement planning a priority if you haven’t done so already. At this age, retirement is no longer a distant concept, and time is short if your plans aren’t on track. Now is the time to think about your retirement income goals and the steps that you need to take to achieve your goals.

One of the most important things to do is to work out how much money you’ll need to retire comfortably. A comfortable lifestyle means different things to different people.

There are many other variables to consider including the age that you plan to retire, your health, hobbies or goals you want to pursue and your retirement income requirements, alongside inflation, tax rates, and whether you qualify for the state pension.

Given the number of variables, this part of the retirement planning process is not always straightforward.

The balance between your income and your outgoings will also be more important than ever, many people think about their retirement income but can misjudge controlling their outgoings in the build-up to and in retirement.

It’s important to review your retirement planning regularly alongside your personal finances – at least once a year. This will ensure a healthy progression towards retirement by checking that you are firmly on track with your retirement goals.

We all change as people over time, and our pension pot needs to reflect our most current reality. This is the time to adjust your plan to fit any evolving needs and desires for your post-retirement years. Retirement planning is a continual process, and the more often you review your progress, the more prepared you’ll be for retirement and the more in control you’ll feel.

Our Chartered Financial Planning Consultants can give you a clear idea of how much you’ll need to afford the lifestyle you want in retirement and provide regular reviews to keep you on track.

Please contact David Porter on 01756 620049 or email