Can You Support Your Family And Still Plan For Retirement?

For many people, supporting family is simply part of everyday life.

Whether it’s helping children through education, providing financial support as they establish their careers, or continuing to support adult children living at home, family often comes first.

Yet as retirement moves closer, many people find themselves asking an important question: is it possible to support loved ones today while still preparing for their own future?

The good news is that these goals don’t necessarily have to be in conflict.

Family Life Is Changing

The path to financial independence looks different today than it did for previous generations.

Research from My Pension Expert found that people aged 45 to 59 spend an average of 20% of their income on their children’s upkeep, compared to just 5% among Baby Boomers at the same stage of life.

For many families, this means financial responsibilities that previous generations may not have experienced to the same extent.

Supporting children later in life has become a reality for many parents, whether through everyday living costs, education expenses, housing support, or helping them navigate an increasingly expensive world.

Putting Family First Can Feel Natural

When faced with competing financial priorities, many people naturally focus on the needs of those around them.

After all, helping children build a secure future can feel like one of the most important investments a parent can make.

However, it can sometimes mean long-term goals are pushed further down the priority list.

Retirement planning is often one of the first things people intend to come back to later, particularly when there always seems to be a more immediate expense demanding attention.

Yet delaying those conversations doesn’t make retirement any less important.

Looking After Your Future Matters Too

Planning for retirement isn’t about choosing yourself over your family.

In many ways, it’s the opposite.

Building a clearer understanding of your retirement plans can help provide greater financial stability in later life, reducing the likelihood of difficult financial decisions further down the line.

Retirement may last several decades, making it one of the longest financial commitments many people will ever face.

That’s why understanding your pension and future income can be just as important as managing today’s priorities.

Why Balance Is Important

Many people assume they need to choose between supporting family now and planning for retirement later.

In reality, the most effective approach is often finding a balance between the two.

Supporting loved ones can be incredibly rewarding, but taking time to review your own long-term financial position can help ensure those decisions remain sustainable.

Small Steps Can Make A Difference

Retirement planning doesn’t necessarily require dramatic changes.

Sometimes, the most valuable step is simply gaining a clearer understanding of where you stand today.

Reviewing existing pensions, checking contribution levels, understanding projected retirement income, and considering future goals can all help build confidence about the years ahead.

The earlier you understand your options, the more opportunity you may have to make informed decisions that support both your family commitments and your long-term plans.

Supporting Your Family And Your Future

Supporting children, helping family members, and managing household finances can all place demands on time, energy, and money.

But looking after your own future doesn’t have to come at the expense of helping those you care about.

By understanding your retirement position and planning ahead, it may be possible to support your family today while also building greater confidence in the future you’re working towards.

After all, financial planning isn’t just about preparing for retirement. It’s about creating the freedom and flexibility to enjoy the years ahead while continuing to support the people who matter most.

Pension advice is tailored to your individual circumstances and can help you understand the options available to you before making any decisions about your retirement income.

This is for general information and does not constitute personal financial advice. The value of pensions and the income they provide can vary and are not guaranteed.

Data quoted in this email comes from the My Pension Expert report ‘Thrifty at 50: A report into how Gen X are redefining midlife.’