And the bigger question… Will you have enough to retire comfortably?
Retirement isn’t just about stopping work. It’s about creating the freedom to live life on your terms. For some, that might mean travelling more. For others, it’s having the time to spend with family, enjoy hobbies, or simply slow down without worrying about money.
But here’s the important question: will you have enough to retire comfortably?
Financial freedom looks different for everyone. That’s why it’s so important to take a step back, think about the lifestyle you want, and then make a plan to get there. This week’s blog explores five key questions you need to ask before you hand in that notice.
1. What does your ideal retirement look like?
Do you picture yourself travelling abroad twice a year, helping with grandchildren, or renovating your garden? Or do you want the flexibility to work part-time or volunteer?
Retirement isn’t a one-size-fits-all event. Your lifestyle choices will shape how much income you’ll need each month. A “comfortable” retirement will look different for someone who loves big adventures compared to someone who prefers cosy days at home.
2. How much income will you actually need?
The Pensions and Lifetime Savings Association (PLSA) has estimated that a single person needs around £31,300 per year for a moderate lifestyle, or £43,100 per year for a comfortable one (after tax).
Start by looking at your current spending: bills, food, travel, leisure, and family support. Then ask yourself: which of these will stay the same in retirement, and which will change?
Remember to factor in:
- Mortgage or rent (if still applicable)
- Rising energy and food costs
- Health or care expenses later in life
3. What income sources will you rely on?
Most people will have a mix of:
- State Pension (currently just over £11,900 a year if you qualify for the full amount)
- Workplace or personal pensions
- Savings and ISAs
- Property or business income
The key is knowing how to bring these together into a clear, tax-efficient plan. A pension pot of £450,000 might sound like a lot, but spread over 30 years it may not stretch as far as you think. That’s why it’s important to model your income properly rather than relying on rough guesses.
4. Have you protected your financial future?
Financial freedom isn’t just about how much money you have, it’s also about protecting it. Life doesn’t always go to plan, and health issues, care costs, or unexpected events can quickly eat into savings.
That’s why financial protection (like life insurance, critical illness cover, or income protection) and estate planning (wills and trusts) are key. These don’t just safeguard your money, they safeguard your family’s peace of mind too.
5. Do you have a plan, and is it flexible?
Here’s the truth: no financial plan is ever set in stone. Life changes, markets move, and your goals may shift. The best financial plans are living documents, updated regularly to reflect where you are now and where you’re headed.
A good financial adviser will use cashflow modelling to show you how your money could last over time — helping you answer that golden question: will I run out of money? And if the answer looks uncertain, they’ll work with you to make adjustments while you still have time to act.
The Bottom Line
Financial freedom isn’t about hitting a magic number. It’s about knowing that your money can support the lifestyle you want, without the constant worry of running out.
If you’re starting to think seriously about retirement, now is the time to ask yourself these questions and get clarity. The sooner you do, the more options you’ll have.
At Willow Tree Financial Services, we don’t just talk numbers. We start with your life goals, then build a financial plan around them. Whether retirement is 2 years away or 20, we’re here to help you create a future that feels secure and fulfilling.
Ready to find out what financial freedom could look like for you? Book your retirement planning appointment today.
Call us on 01323 436680, get in touch here, or book an appointment here to get started.
We’re based in Polegate, East Sussex, and support clients across the South East and beyond.
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At Willow Tree Financial Services, we offer personalised advice on Financial Planning, Mortgages, Investments, Pensions, Personal & Business Protection, and Wills, Trusts & Estate Planning — all tailored to your individual goals and circumstances.
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Your home may be repossessed if you do not keep up repayments on your mortgage.
The value of investments and pensions, and any income they produce, can fall as well as rise. You may get back less than you invested.
The Financial Conduct Authority does not regulate wills, trusts, estate planning, and lasting power of attorney. Will writing is not part of the Quilter Financial Planning offering and is offered in our own right. Quilter Financial Planning accept no responsibility for this aspect of our business.
Approver Quilter Financial Services Limited September 2025
