Changes ahead


If you have LESS than £50,000 in your pension pot you should read this!

I received an email yesterday starting with “If you have £250,000…” and it got me thinking, what if you don’t?

Like most people, I was a late starter to pension contributions and sadly don’t have anything near that in my pension. I’m pretty sure most people reading this blog don’t either, (but if you do, get in touch and I’ll forward you on the advice I received around taxation efficiency).

We’re still relatively young, with an average of 20yrs before retirement age, (maybe more/ maybe less…) and we’re told we need to have at least £250,000 in our pension…

Seriously what do you do if your pension is nowhere near £250,000!

First, take a deep breath to stop the panic.


Now read the following suggestions:

  1. Look at your National Insurance contributions (accessible via your personal HMRC account) to see if your eligible for the full state pension.

  2. Take some time out to think about your retirement goals.

    • What do you want to do when you retire?

    • What kind of life do you want?

    • How will that will be funded?

  3. Is the state pension really going to be enough for you to live on? Frankly, it’s quite unlikely. I know people who get it now, so unless your spouse/ partner will still be earning, or you have a private pension or some other savings put aside, you’re going to struggle financially.

  4. Make a commitment, to start putting some money aside, whether that be through a pension, an investment of sorts or a simple savings account.

  5. Speak to a financial advisor for some assistance. Most are free until you sign up to a product (they no longer get a commission fee from the provider, they charge you a fee instead).

  6. Also, if you have a business, speak to your accountant because you may be able to fund some of your pension contributions through your business (T&C’s apply).

I hope that helps, and if like some of our attendees on our last retirement workshop, your mind goes foggy anytime you think about pension (well done for still reading this blog!) I highly recommend you come along to our next workshop held in partnership with a financial advisor.

Those who attended, before coming along, said they were apprehensive about pensions, unsure about it all but knew they needed to do something, and needed support to do that.

Afterwards, they reported:

While it was informal is was also real!  I found the process of discussion emotions made it much easier/free to then start the discussions around the more technical aspects of finance.
Inspiring and felt at ease. Great hearing other views too.
Better informed, more at ease, and aware of options.


I hope this blog helped you think about the steps you need to take and if you need support getting past the emotions, brain fog or anxiety before taking that next step then come along to our next workshop and leave feeling:

Free and ready to take the next step!


By Helen Monaghan

Accountant, Coach, and Author

© HM Finance Coaching Ltd

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