But as Tony, founder of Warwick-based Velocity, explained to For Finances Sake host Rachael Chadwick-Harrison, “leaving pension decisions too late can create uncertainty, missed opportunities, and unnecessary worries.”
The aim of the podcast was to break down the realities of modern retirement planning, and one of Velocity’s key messages is that pension planning shouldn’t start with charts or forecasts - it should start with the person.
“Life transitions often matter more than investment performance,” Tony noted, highlighting that major shifts such as starting a family, selling a business, bereavement or divorce are usually the real catalysts for reviewing long-term financial decisions. “Understanding what someone wants life to actually look like in 20 or 30 years’ time is the foundation of any sensible retirement strategy.”
The conversation went on to explore the emotional side of pensions, especially the struggle many people have getting the balance right between saving and spending, especially in later life. “While some worry about running out of money,” prompted Rachael, Chadwick’s managing director, “others are unsure of how much they can safely withdraw or how long they need their pension to last.”
Tony concurred. “Pensions can be complicated, and I am sure there will be many listeners who will admit that they ‘don’t know what they don’t know.’ That emphasises the importance of getting tailored, regulated advice that focuses on long-term wellbeing rather than knee-jerk decisions.”
Rachael and her special guest then went on to discuss the growing complexity around defined benefit transfers, the re-emerging role of annuities, and why the 2027 changes may affect retirement timelines for thousands of people across the UK.
“When people finally understand their options, the fear starts to lift,” concluded Rachael. “That’s what good advice does - it gives people control.”
The regular series of For Finances Sake podcasts from Chadwick’s are available on Spotify, Amazon, YouTube, Apple and Podbean. For more information, go to the website at www.chadwickaccountants.co.uk
