Paul Mitchell | Financial and Retirement Planning Coach
Find him here at: Your Smart Retirement Coach
“Can I retire yet?”
If you’re like most people approaching your 50s or 60s, this question might be playing on your mind.
It’s a question I hear every week in my coaching sessions. And while it sounds simple, the answer is anything but.
This article is for UK savers, investors, and would-be retirees who are unsure how to join the dots between:
- What you have
- What you need
- And how to create the life you actually want
We’ll explore the 5 essential questions you need to ask before making any retirement decisions—and how working with a coach can help you get the clarity you need without paying for full regulated advice.
🎥 Watch This First
Want a quick 3-minute overview of who I am and how retirement coaching works?
👇 Click to watch my short intro video before reading on:
1. What Do You Actually Have? (And Where Is It?)
Most people in the UK don’t have a full picture of their retirement savings. In fact:
- You may have multiple workplace pensions across different schemes.
- You may have frozen pensions or legacy plans from past jobs.
- You might not fully understand how they’re invested, or even how to access them.
📌 Have you created a full inventory of:
- Workplace pensions (current and past)?
- Personal pensions (SIPPs)?
- ISAs, savings, investments?
- Any equity in your home or other assets?
“Can I retire yet?” starts with “What do I own and where is it?”
If you don’t know, that’s your first red flag—and the first place coaching can help.
2. How Much Will You Really Need to Spend?
It’s not about “how big is your pot.” It’s about how much income you’ll need and want, for:
- Essentials (bills, food, transport)
- Discretionary items (holidays, hobbies, gifts)
- Emergencies (healthcare, home repairs)
- Big life events (new car, helping children, downsizing)
🧮 The Retirement Living Standards* (from the PLSA) suggest three levels of retirement lifestyle in the UK:
- Minimum: £14,400 (single) / £22,400 (couple)
- Moderate: £31,300 / £43,100
- Comfortable: £43,100 / £59,000+
But these are averages—not personalised. Do you know what your number is?
Coaching helps translate these figures into real, tailored monthly budgets.
3. When Can You Access Your Money?
This is where people get tripped up.
There are two major milestones in UK retirement:
✅ Personal and Workplace Pensions
You can usually access these from age 55 (rising to 57 in April 2028).
This includes:
- Defined contribution pensions (e.g. Nest, Aviva, Fidelity)
- SIPPs (self-invested personal pensions)
You can take 25% tax-free, but the rest is subject to income tax.
✅ State Pension
For most people, this will now be age 67 by 2028 (phasing in from 2026).
Currently around £11,500 per year — and guaranteed for life — but it comes later.
💡 That means you may have a 10–12 year gap between when you can retire and when the State Pension kicks in. Coaching helps you plan how to bridge that gap.
4. Are You Mentally and Emotionally Ready to Retire?
This question often gets overlooked.
Retirement is not just a financial shift—it’s a psychological one.
Without:
- A clear routine
- A sense of purpose
- Social interaction
- Structure
… many people find retirement less fulfilling than expected.
As a coach, I work with clients to map out their future life, not just their future income. We explore:
- Volunteering, part-time work, or side hustles
- Travel and lifestyle goals
- Identity beyond your job title
You’re not just retiring from work—you’re retiring to something new.
5. Do You Really Need a Financial Adviser? Or a Coach?
This is the moment of truth.
A regulated financial adviser is essential for:
- Complex tax planning
- Product-specific investment advice
- Transferring defined benefit pensions
- Final salary scheme decisions
But if you’re:
- Still exploring your goals
- Weighing up timelines
- Feeling overwhelmed by your options
Then a financial coach might be the smarter (and cheaper) first step.
🔍 Coaching focuses on:
- Education
- Confidence-building
- Decision support
- Accountability
You walk away with clarity—without product sales or ongoing fees.
👤 Case Study: Sarah, 59 – “I Thought I Needed an IFA. I Actually Needed You.”
Sarah had three pensions, one SIPP, and £40,000 in savings. She thought she needed a financial adviser—but after paying £250 for an initial review, she still felt confused.
We worked together for three 1-hour sessions:
✅ Identified and consolidated her pension positions
✅ Built a realistic retirement budget
✅ Created a 3-phase retirement transition plan
She’s now planning to reduce hours at 61 and fully retire at 64—with confidence.
Related Reading
These articles help you dig deeper into the retirement decision process:
- What Will You Retire To?
Explores the emotional and lifestyle side of retirement transitions. - Financial Coaching vs Regulated Advice
Clarifies the differences and when coaching is the better first step. - Lifetime Retirement Income Plan
How to turn savings into income for life—without fear of running out.
Final Word: “Can I Retire Yet?” Is a Life Question, Not Just a Math Problem
You can’t answer it with a spreadsheet alone.
But with the right process, questions, and perspective—you can gain clarity.
If you’ve been:
- Putting it off
- Feeling overwhelmed
- Or stuck in indecision…
Let’s change that.
📞 Book Your Free 15-Minute Discovery Call
I offer friendly, jargon-free retirement coaching—backed by 30+ years of experience as a former UK Chartered Financial Planner.
💬 Let’s talk about your options. No pressure. No obligation.
About the Author:
Paul Mitchell spent 39 years as a Chartered Financial Planner before becoming a retirement coach. He helps UK workers understand their pension arrangements and build confidence in their retirement planning decisions.
Important Disclaimer:
This article provides educational information about UK pension investments. It does not constitute regulated financial advice. Pension investment carries risk and values can go down as well as up. Always check your pension provider’s investment options and consider seeking FCA-regulated financial advice for specific pension investment decisions.
