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Our 50s often mark a period of significant change. Children may be flying the nest, thoughts of downsizing might be beginning to surface, and many of us find ourselves supporting ageing parents. At the same time, the idea of retirement starts to feel a little less abstract – and more like something that isn’t so far away after all.
With so much going on, it’s hardly surprising that pensions are likely to be relatively low down on many of our priority lists in our 50s, although arguably it’s exactly the time we need to be paying them the most attention.
Here, we look at some of the things people in their 60s and 70s who’ve now retired often wish they’d considered when they were in their 50s.
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If you’re considering seeking professional financial advice on the options available to you, we’ve partnered with nationwide Chartered independent advice firm Fidelius to offer Rest Less members a free initial consultation with a qualified financial adviser. There’s no obligation, however if the adviser feels you’d benefit from paid financial advice, they’ll talk you through how that works and the charges involved.
Fidelius are rated 4.7 out of 5 from over 2,600 reviews on VouchedFor, the review site for financial advisers.
I wish I’d realised my 50s wasn’t too late to start
If you’re in your 50s and don’t yet have a pension, it can be easy to fall into the trap of thinking it’s too late to bother.
However, tax relief on pension contributions is one of the few remaining generous perks – especially if you’re a higher-rate taxpayer. For example, if you’re a basic rate taxpayer a £100 contribution into your pension will only cost you £80 thanks to government tax relief. If you’re a higher or additional rate taxpayer the same contribution will only set you back £60 or £55. You’ll still qualify for tax relief on your contributions up to the age of 75.
As a result, even in your 50s or 60s starting (or restarting) pension savings can still make a real difference. If you need more convincing, read our article Five reasons why it’s not too late to start saving into a pension.
If you’re not sure how much you should be putting away each month, some experts suggest halving your age and then paying this percentage of your monthly wage into your pension each month for the remainder of your working life.
That means if, for example, you’re currently aged 55, you should try to put away 27.5% of your income before it’s taxed each month until you retire. If you’re earning £2,500 a month, that means you should ideally aim to pay £687.50 of this a month into your pension (27.5% of £2,500).
Many people won’t be able to afford to put away this much, so if you can’t, you should ideally aim to save as much as you can without leaving yourself short of money to cover your living costs. Find out more about starting a pension in our article Saving into a pension for the first time.
I wish I’d known how much State Pension I’d get
The State Pension can provide a valuable financial lifeline, but it’s not enough to live on comfortably.
The new State Pension, which applies to those reaching retirement age on or after 6 April 2016, is £230.25 a week in the current 2025/26 tax year. The most you can get from the basic State Pension is £176.45 a week. Learn more in our article Everything you need to know about the State Pension.
It’s worth noting that you might only qualify for a partial State Pension if you don’t have a full record of National Insurance contributions (NICs). You’ll only receive the full new State Pension if you’ve made at least 35 years’ worth of NICs, and the basic State Pension if you’ve made at least 30 years of NICs. If you’re not sure how much State Pension you’re on target to receive, make sure you check your State Pension forecast early – ideally in your 50s if you haven’t before. You can find out how to do this in our article How can I get a State Pension forecast?
If you have gaps in your NI record, you may be able to top them up voluntarily. You can buy up to six years’ contributions, and the rate is £17.75 per missing week of NI contributions in the 2025/26 tax year, so this would set you back £923 for a full year. This will boost your pension by £6.32 a week, or around £328 a year. You can find out more in our article Is it worth paying to top up your State Pension?
I wish I’d thought about how much I’d need on top of my State Pension
If you’re not sure how much you’ll need in addition to your State Pension to retire comfortably, read our article How much do you need to retire comfortably in 2025?
The latest data from the Pension and Lifetime Savings Association (PLSA) shows that the cost of a minimum standard of living in retirement is £13,400 in 2025 for a single person, and £21,600 for a couple. However, this figure would only support a very basic standard of living. The amount of income needed for a moderate standard of living in retirement is £31,700 in 2025 for a single person, or £43,900 for a couple. This includes the cost of running a car, longer holidays abroad and increases the amount spent on basics such as food.
Andrew King, pensions and retirement specialist at wealth management firm Evelyn Partners, said: “It’s worth pointing out that many savers will measure how much they will need in retirement based on the sort of lifestyle they have become used to in their working life.
“So, for higher earners who are reluctant to forego many of those advantages, a ‘comfortable’ retirement will require higher incomes and bigger pots. But at retirement, people can also cut their cloth to match what pension income they have, alongside other assets and trading down to a smaller property, for instance, can help to improve the standard of living in retirement.”
Learn more in our article £13,400 annual income needed to retire, say pension experts.
I wish I’d consolidated my pensions sooner
Reaching retirement can be daunting enough, without suddenly realising you’re not entirely sure how many pensions you actually have – or how much you have in them.
If you’ve changed jobs multiple times and ended up with several small pension pots, it can be really easy to lose track of some of them, which could mean you potentially miss out on thousands. If you need help locating lost or forgotten pensions, read our article Tracing lost pensions – How to find my old pensions to find out how to go about it.
Consolidating your pensions when you’re in your 50s can simplify things as it means less paperwork to keep track of. It can also help you to reduce fees, and give you a clearer picture of your retirement savings. Just make sure you check for any exit penalties or guaranteed benefits before moving. Learn more about the pros and cons of consolidating your pensions in our guide Should I consolidate my pensions?
I wish I’d planned for a long life
It may be that you plan to retire at 60 with what you consider to be a healthy pension pot. But a decade or more into retirement, you might start to worry about it lasting for as long as you do.
Although very few of us know with any certainty how long we’re going to live, it’s usually better to over rather than underestimate your life expectancy when planning for retirement, so that you don’t end up outliving your pension savings. Think about how much income you’re likely to need each year, based on the things you’d like to spend your retirement doing. If you need help planning for a longer life, our article How can you plan for a 100-year life? may be useful.
Helen Morrissey, head of retirement analysis at Hargreaves Lansdown, said: “Many of us just don’t think too much about what retirement might look like and how much it could cost. It all feels too far into the future. However, taking a bit of time now to work out what you want this period to look like could save you a lot of drama in the future.
“Retirement will look different depending on who you are, what you enjoy, and what your situation is to different people. For some, it will be full of travel while others will prioritise time with family. Scoping out what your priorities are will give you an idea of how much they may cost, and this means you can start working on a plan to get you there. Making use of tools such as online pension calculators can be invaluable in seeing what you are on track for, and you can model the impact of boosting your contributions over time if that is what you need to do.”
You can find pension calculators to help you plan for retirement in our guide Five of the best pension calculators to help you plan for retirement.
I wish someone had told me about tax on pensions
Many people assume they can just take what they need from their defined contribution pensions once they retire, but then end up surprised at how much tax they need to pay.
The first 25% you take out of your pension is tax-free, but everything else is taxable income, so if you take out a big lump sum, you might find you’ve pushed yourself into a higher tax bracket without meaning to.
Planning ahead in your 50s can make a big difference to how much of your pension you get to keep, so it’s worth understanding how to structure withdrawals tax-efficiently – and the impact of working and taking a pension at the same time. You can find out more about this in our articles How much tax will I pay on pension withdrawals? And How much tax will I pay if I work and take my pension?
I wish I’d protected my partner properly
If you’re in a long-term relationship but never legally married and you pass away unexpectedly, unless you’ve nominated your pension to your partner, they’d receive nothing.
It’s crucial to make sure your pension has an up-to-date nomination of beneficiary or expression of wishes form. Find out more about how these forms work in our guide What is a pension expression of wishes? If you don’t complete one, then your savings won’t automatically go to who you want them to when you die, especially if you’re unmarried or divorced.
In your 50s, it’s also a good time to consider whether your pension would support anyone else if something happened to you. If you don’t think it would, you might want to look into financial protection, such as life insurance or critical illness cover. You can find out more in our article Am I protected financially?
Here’s what you can do now to avoid regrets later
Taking action now can help you avoid any retirement regrets later on in life. Here’s what you can do today to make sure your pension savings are working as hard as they possibly can for you.
- Log in to your pension(s) and check your balance, fees, and that your current investment strategy aligns with your approach to risk and your financial objectives
- Use the government’s State Pension forecast tool to see what you’ll get and when.
- Increase your contributions if possible, especially if your employer matches them.
- Consolidate old pensions if it makes financial and logistical sense, and you won’t lose any valuable guarantees or benefits.
- Review your beneficiaries to ensure your loved ones are protected in the event of your death.
- Seek financial advice if you feel unsure – particularly if you’re self-employed or have multiple pots that you’re not sure what to do with.
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If you’re considering seeking professional financial advice on the options available to you, we’ve partnered with nationwide Chartered independent advice firm Fidelius to offer Rest Less members a free initial consultation with a qualified financial adviser. There’s no obligation, however if the adviser feels you’d benefit from paid financial advice, they’ll talk you through how that works and the charges involved.
Fidelius are rated 4.7 out of 5 from over 2,600 reviews on VouchedFor, the review site for financial advisers.
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