Why It’s Never Too Late to Start Engaging with Your Pension

For many people, pensions sit firmly in the “I’ll deal with it later” category.

Between work, family commitments, mortgages, bills and everyday responsibilities, retirement planning can easily fall down the priority list. It often feels like something that can wait until next year, or when life becomes a little less busy.

The reality is that many people feel exactly the same way.

Research commissioned by My Pension Expert found that more than one in five people in their 50s (22%) admit they have never seriously considered their pension. Among those due to turn 50 within the next five years, almost two-thirds (64%) have never sought advice about their income in later life.

While pension avoidance is common, putting off retirement planning can make it harder to understand your options and feel confident about your future.

Why Do So Many People Avoid Pension Conversations?

For many, it’s not a lack of interest that gets in the way. It’s a combination of uncertainty, complexity and competing priorities.

Pensions can feel complicated. Terms such as “drawdown”, “annuities” and “tax-free cash” can seem unfamiliar, particularly if you’ve never needed to engage with them before. Some people worry they’ll ask the wrong questions or won’t fully understand the answers.

For others, retirement simply feels too far away to think about. Even in your 50s, there may still be years of work ahead. It’s often easier to focus on immediate financial commitments such as supporting children, paying a mortgage or managing rising household costs.

There can also be an emotional aspect to pension planning. Some people worry that looking too closely at their retirement savings may reveal they’ve not saved enough or started planning later than they would have liked.

The Cost of Putting It Off

Avoiding pension conversations doesn’t make retirement decisions disappear. It simply means there is less time to understand the options available when the moment arrives.

The report found that 27% of pensioners say their retirement income is lower than they expected when they were 50. Among the reasons cited were insufficient pension contributions, starting to save too late and not fully understanding how much was needed for retirement.

Of course, everyone’s circumstances are different. However, these findings suggest that many people look back and wish they had spent more time engaging with their retirement planning earlier.

The good news is that taking the first step doesn’t have to mean making major changes overnight. Sometimes it simply means understanding where you stand today and what options may be available to you.

Pension Conversations Are Often Easier Than People Expect

One of the biggest misconceptions about pension advice is that it involves complex calculations, technical language and immediate decisions.

In reality, the first conversation is often much simpler.

It’s about understanding your circumstances, discussing your retirement goals and exploring the options available to you. Asking questions, seeking clarity and learning more about your pension can help turn uncertainty into confidence.

Whether retirement is ten years away or much closer, understanding your options can help you make more informed decisions about your future.

It’s Never Too Late to Start

Many people spend years putting off pension planning because they feel they should have started sooner.

The truth is that engaging with your pension today is likely to be more beneficial than continuing to avoid it tomorrow.

Whether you’re approaching 50, already in your 50s, or starting to think more seriously about retirement, taking time to understand your pension could help you feel more confident about the years ahead.

If you’ve been putting off pension conversations, you’re far from alone. Speaking with a pension expert could help you better understand your options; answer any questions you may have and provide clarity on the choices available to you.

At My Pension Expert, we help people navigate retirement planning with clear, straightforward guidance and regulated financial advice, helping them make informed decisions about their financial future.

Outcomes will vary and pensions are subject to change/risk.