Approaching Retirement? Five Money Questions to Ask Before You Decide Anything

Retirement is one of the biggest financial turning points most of us face, and it's often the one we prepare for least emotionally. People spend years building up pensions and savings, then find the decision to actually stop working much harder than they expected. Before you look at a single pension statement, these are the questions I'd ask.

1. What do I actually want my days to look like?

Most retirement planning starts with the numbers. I'd start with the week. What does a good Tuesday look like? Who are you spending time with, what are you doing, where are you? Until you can picture it, it's hard to know what it will cost.

2. What does that life really cost?

Once you can see it, you can price it. Spending in retirement isn't flat. It's often higher in the early years, when people travel and do the things they put off, and lower later on. A rough yearly figure, split into the essentials and the things that make life good, is far more useful than one big number.

3. Where will the income come from, and when?

Pensions, savings, property, maybe some part-time work. Each has its own timing and rules. You don't need to be an expert in them, but you do need to see them side by side, so you know which questions to take to a regulated adviser or pension specialist.

4. What am I worried about?

This one matters more than people expect. Running out of money, losing a sense of purpose, becoming a burden on the family. Worries like these drive a lot of decisions, often without us noticing. Naming them takes away some of their power.

5. Who else is this decision about?

Partners, children, ageing parents. Retirement rarely affects just one person. Talking it through with the people involved, early and honestly, saves a lot of friction later. If that conversation feels hard, this post on talking about money with your partner may help.

Where coaching fits

I'm a financial coach, not a financial adviser, so I won't tell you which pension to draw or what to invest in. What I do is help you get clear on these questions, organise the facts and make a plan you feel confident about. Then if you need regulated advice, you go in knowing exactly what you want from it.

Retirement is one of life's biggest crossroads, and you only get to do it once. If you're a year or two away and want to think it through, I'm the person to come to. I see people face to face in Cheadle, between Stockport and Manchester, and by video anywhere in the UK. Here's more about retirement money coaching. Book a free 20-minute call, or start with my free guide, Money at a Crossroads: Five Mindset Shifts.