What to Ask Your Financial Planner About Retirement This Year

Retirement planning isn't something you should do once and forget about. Circumstances change, the economy shifts, and pension rules evolve. That's why sitting down with your financial planner for a proper review this year makes sense, especially if you're approaching retirement or already enjoying it.

But what should you actually ask during that meeting?

How much income will I really have?

Start with the basics. You need a clear picture of where your retirement income will come from: State, workplace, personal pensions, and any other sources like rental income or investments. Ask your adviser to map out exactly what you'll receive and when.

According to recent ONS data, the median private pension wealth for those approaching retirement is around £100,000, but your situation will be unique to you.

What about tax?

Pension income is taxable, and the rules can catch people off guard. Will you stay within your personal allowance? Could you accidentally trigger higher rate tax by taking too much from your pension in one go? What about the pension annual allowance if you're still working?

The experienced advisers at Clearwater Financial Planning can help you understand how to withdraw your pension savings tax-efficiently, particularly if you're considering flexible access drawdown or lump sum withdrawals.

Should I delay my State Pension?

Your State Pension currently starts at 66, but you can defer it to increase the amount you receive later. For every nine weeks you defer, your State Pension increases by 1%, which works out to almost 5.8% for a full year.

Whether that’s worthwhile for you depends on your health, other income sources, and how long you expect to live. It's worth discussing.

How should I invest during retirement?

Retirement doesn't mean your investment strategy stops. You might need your pension pot to last 30 years or more.

Your risk tolerance, time horizon, and income needs all play a part. A proper introduction to pensions and ongoing investment management can help ensure your money works as hard as possible while you're enjoying retirement.

What if I want to keep working part-time?

Many people now phase into retirement rather than stopping work completely. How does this affect your pension withdrawals? Can you still contribute to a pension? What about National Insurance contributions?

These questions become more complex when you're juggling earned income with pension income.

Am I protected against care costs?

Nobody wants to think about needing care, but it's a genuine risk. How would you fund long-term care if needed? What assets would be assessed? Could insurance help?

Get your questions answered

Retirement planning in 2026 requires more than guesswork. The team at Clearwater Financial Planning, serving Cornwall and Devon from offices in Plymouth, Launceston, and Kingsbridge since 2006, can help you create a clear retirement strategy that answers these questions and gives you confidence about your financial future. Get in touch today.